When initiating any liquidation we provide close support to the directors of the organisation, as well as optimising the return to creditors and reducing the likelihood that guarantees will be called upon, and prompt payment of dividends where appropriate and closure of the case.
We have a dedicated and expert team that focuses on winding up all types of companies using the available winding up procedures.
The key success factors to liquidation work
Ensuring that the realisable value of assets is maximised, particularly by ensuring an early disposal of business assets before the going concern premium dissipates
- Planning the timing of appointment carefully, in particular by avoiding tax pitfalls that can reduce dividends and increase guarantee liabilities
- Strong and efficient processes to ensure that creditor claims are agreed quickly and dividends distributed without delay so that costs do not erode the recovery for creditors
Areas we advise on in winding up procedures
- Creditors voluntary liquidation (CVL), where the shareholders voluntarily agree to wind up the company, but there are insufficient assets to pay creditors in full
Members’ voluntary liquidation (MVL), as with a CVL, but where there are sufficient assets to pay all creditors in full
- Compulsory liquidation (CL), where the court orders that a company be wound up, normally following the petition of the company or a creditor seeking payment
Striking off a company from the register at Companies House, not strictly liquidation but an effective way to close out a dormant company