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I wish there was an easy way we could quickly close this limited company to get rid of our worry and stress. We don't want to risk personal liability, and we need to stop these creditors putting us under more and more pressure"
Liquidation

What is creditors voluntary liquidation or CVL?

Liquidation or more specifically creditors voluntary liquidation is when a company stops trading and its assets are "liquidated" and turned into cash to pay back the creditors. KSA Group can help you to end the worry and get the liquidation of a limited company completed quickly and professionally. We can help you stop those creditor calls and worries, end those sleepless nights and ultimately help you, as directors, get on with your life.


Why not download our 50 page complete experts guide to liquidation



Start the liquidation process today.

Office hours: 08:30 – 17:00 Enquiries:

  • General enquiries: 0800 9700539
  • Wayne Harrison: 07879 555349
  • Eric Walls: 0778 7278527
  • Email:help@ksagroup.co.uk<
Out-of-hours; Call 07833 240747

How about reading some testimonials from directors?


FIRST the simple description of a creditors voluntary liquidation (CVL)

Liquidation means the end of the company's life and its assets are then "liquidated" or turned into cash for the creditors if possible. Creditors voluntary liquidation is the most common form of liquidation in use in the UK. In fact, in the first quarter of 2017, 3,529 companies went into this type of liquidation. Around 10,000 companies will be closed this way per year.


When is it necessary for the directors to think about Liquidation?


  • The company has run out of cash
  • The company appears to not be viable
  • The company cannot pay its debts on time
  • The directors are concerned that the business may build up more debts. 
  • They are also worried about wrongful trading.

How will a CVL stop my worries?


CVL enables you to wrap up your company quickly and professionally.

You can then become director of another company once the liquidation process is complete but there are restrictions on the re use of the company name. 

It is worth noting, if as a director you have been compliant and on the payroll for many years, you can actually claim redundancy from the government like any other employee.  Ask us about this.


What is a "phoenix company"?

You can liquidate a limited company and start the same business again, but only under strict rules and conditions. This is a potential legal "minefield" and you need to take proper advice. Call us or read the detailed CVL guides if you want more details or you can look at our updated page on phoenix companies or see our page on starting a new company post liquidation for more information

         
Reusing your company name
Following liquidation, you will no longer be authorised to trade under an identical or similar company name. Choosing an identical or similar name for your new company could land you in court under section 216 of the Insolvency Act. You would also have no protection should the second company fold, and will be held liable for all associated debts.

What if the company can be viable?

But, before you decide on liquidation as the appropriate option, you should also consider whether your company can be viable if radically restructured and, if so, how can you get help. If there is a viable business in there but you are tired and distressed we can still help.   We can give you expert help on how to

  • Reduce costs
  • Settle debts
  • Restructure the company. 

We have 22 years experience in this work and many people call us saying liquidate my company please! Then once we take away the pressure and look harder at the business problems, we can often see a solution. This could be trading out or a company voluntary arrangement.

Ok the company is not viable and I want to avoid personal risk?

Quickly get the liquidation process started by reading the detailed guides below and calling us to get friendly, expert advice. We can end the worry and the pressure with one phone call 08009700539

Did you know, as a director who gets paid a salary through PAYE, you can also claim redundancy pay as well as possibly notice pay, holiday pay and unpaid wages? However there are some exceptions to this. Please call us to discuss further. 


Craig Whyte in line for £5m payout after Rangers liquidation

19-Jul-2017
Craig Whyte, the former Rangers owner, is in line for a £5 million payout from liquidated funds of the company which owned the club. Tax authorities, who are owed more than £90 million, are not expected to receive any payment. What happened to the Rangers? In 2012, the company wh..
Read More

Retail Acquisitions Limited to be put into liquidation

05-May-2017
Retail Acquisitions Ltd which bought BHS for £1 and was run by the infamous Dominic Chappel is to be been put into liquidation by the High Court. Retail Acquisitions Ltd owes BHS c. £6m Duff & Phelps, who are administrators to BHS, said: ‘Duff & Phelps, acting on beha..
Read More


Other useful pages and Guides


Creditors' voluntary liquidation flowcharts

View an easy-to-read liquidation flowchart

Creditors' voluntary liquidation FAQs

Get answers to frequently asked questions about CVL

Guide to wrongful trading

Find out how to avoid wrongful trading

Guide to compulsory liquidation

Get more information on winding up petitions or threats

Company liquidation procedure

Get a basic introduction to company liquidation

Guide to members' voluntary liquidation

Learn more about solvent liquidation

"Can I liquidate my own company?"

Find out how to liquidate your own company

Liquidation Process Step by Step

Step 1

Find a liquidator. We have a number of insolvency practitioners at the firm. Uniquely to KSA Group, YOU can speak to one of our IP's TODAY, if you call now on 08009700539. It is not possible to liquidate your own limited company, as the law just doesn't allow it.

Step 2

Pass details of any company assets over to the proposed liquidator, and our valuers may get these valued. This will independently set the value of the assets for going to auction, or you may wish to buy them.

Step 3

Let us know who the company owes money to (creditors). KSA Group will write to them all to let them know what's happening and tell them that a creditors meeting will be held. The meeting can be held over the phone or online. This will quickly remove creditor pressure from YOU and they will start talking to KSA instead!

Step 4

Give us all company information and books and records. KSA Group will give you a list of all the information we need in order to liquidate your company. This information will allow us to prepare the necessary reports for the creditors.

Step 5

A company director needs to "chair the meeting of creditors". In actual fact the liquidator will run the meeting but you or one of your directors must attend it by law. The meeting of creditors is usually a simple short meeting with no one attending and can be done online or by phone conference.  From April 2017 though a physical meeting of creditors will not be summoned unless this is explicitly requested by at least the following;

  • 10% by value of creditors or
  • 10% in total number of creditors or
  • 10 individual creditors

A Testimonial:

Voluntary Liquidation of an IT Company

"I just wanted to thank you and the team for helping me and indirectly my family through what was a very difficult time, both emotionally and financially. Wayne was fantastic at putting me at ease and throughout the whole insolvency process, it was less stressful than I had first anticipated; many thanks Wayne.


I must say the the professionalism and personal touch of the whole team was exemplary. From the first introductory meeting all the way through the final insolvency process. What was a significant factor in my decision to assign KSA Group was the feedback given by previous clients and the sensitive way in which my case was dealt with because the circumstance leading up to the difficult decision to apply for insolvency were extra ordinary. My deepest thanks to everyone and as promised I will ask the wife to bake some special KSA Group class cupcakes for the team to enjoy which I will deliver personally.

Many many thanks...

Kindest Regards,

AP"

1st August 2011


Call us now to talk through the issues and get free advice, 08009700539.


Liquidation Case Study Training Company, London

A training company had grown fast mainly on the back of one key contract. A fast growth but not yet profitable business with good prospects, turned into sharply loss-making business when the contract came to a messy end.

The directors struggled on and tried to reduce employee numbers, but they were faced with tribunals and redundancy costs that the company could not meet. Even a company voluntary arrangement (CVA) could not help the company and it was time to liquidate it.

Within 24 hours the company ceased trading and the liquidator took control of all of the big issues. The directors soon bought out the name of the old business and the remaining contracts and set up again as a small (phoenix) company.

They learned the very OLD business lesson, turnover (from a big contract) is vanity, profit is sanity".

Think liquidation will solve your problems? Then call and talk to Keith Steven on 08009700539 NOW, well take away the worry, stress and pain

Author: Keith Steven

Craig Whyte in line for £5m payout after Rangers liquidation

19-Jul-2017
Craig Whyte, the former Rangers owner, is in line for a £5 million payout from liquidated funds of the company which owned the club. Tax authorities, who are owed more than £90 million, are not expected to receive any payment. What happened to the Rangers? In 2012, the company wh..
Read More

Retail Acquisitions Limited to be put into liquidation

05-May-2017
Retail Acquisitions Ltd which bought BHS for £1 and was run by the infamous Dominic Chappel is to be been put into liquidation by the High Court. Retail Acquisitions Ltd owes BHS c. £6m Duff & Phelps, who are administrators to BHS, said: ‘Duff & Phelps, acting on beha..
Read More

Corporate insolvency rates up for third successive quarter

04-May-2017
The Insolvency Service has just released its latest quarterly statistics, which indicate that the corporate insolvency rate is increasing for the third successive quarter Find out how insolvency rates have changed since last quarter and what wider industry factors are pushing up rates of insol..
Read More

Moray manufacturer goes into liquidation

24-Apr-2017
A hi-tech company based in Forres, Moray has gone into liquidation (http://www.companyrescue.co.uk/creditors-voluntary-liquidation), resulting in 11 redundancies. Scotland Electronics International (International) Ltd has appointed Johnston Carmichael as interim liquidators after a winding up petiti..
Read More

Q4 2016: company insolvencies increase year on year

27-Jan-2017
The latest statistics from The Insolvency Service reveal the number of companies in England and Wales entering an insolvency procedure has increased (4.2%) between October and December 2016, compared to the same period the year before. The number of companies entering insolvency increased 7.6% since..
Read More

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