The answer is no, you cannot liquidate your own company, because you need to be a licensed insolvency practitioner to liquidate a company!
So, how do you quickly get your company liquidated?
If the company IS insolvent then the company directors need to decide if the business is viable. If it is not, it should be quickly liquidated.
Here are the 5 steps you need to go through:
Step 1 Find a Liquidator. We can help as we have a number of insolvency practitioners across the UK. Uniquely to KSA, you can speak to one of our IPs TODAY. Call on 08009700539.
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 will write to them all to let them know whats happening and tell them that a creditors meeting will be held. The meeting can now be held online or phone as physical meetings are no longer mandatory. 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 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.
Call KSA now and we will get you talking to an insolvency practitioner today! If the company is solvent but you just want to get the money out then you can do an Members Voluntary Liquidation (MVL).
Worried about poor cashflow? Covid-19?, How to pay wages on pay day? For expert advice on a range of issues download our free Ultimate Guide For Worried Directors today. Or just call us on 0800 9700539
Please note that the guide was mostly written pre Covid-19 and there have been some changes to insolvency legislation that limits creditors actions and relaxes rules regarding wrongful trading. A new 20 day moratorium for distressed businesses has also been introduced.