How To Close A Company
Close your business with the minimum fuss
Liquidate or Dissolve?
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- Low cost specialists
- Fixed prices to close a business
- Can be all done online & by phone
- No need for physical meetings
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Closing a Limited Company
We'll explain the details and recommend the right approach
Creditors Voluntary Liquidation
A Creditors’ Voluntary Liquidation or CVL is the insolvency process where a company’s directors voluntarily decide to wind up the business because it can no longer pay its debts.
A CVL allows directors to take control of the process and appoint an insolvency practitioner of their choice to oversee the liquidation.
Members Voluntary Liquidation
A Members’ Voluntary Liquidation or MVL is the process used to close a solvent ltd company. An MVL is initiated when a company can pay all its debts but the shareholders decide to close it down for strategic reasons.
An MVL is often a tax-efficient way to close a business, as distributions to shareholders may qualify for Business Asset Disposal Relief.
Compulsory Liquidation
A Winding-Up Petition can result in a Winding Up Order which usually forces a company into Compulsory Liquidation. This is to be avoided.
Dissolution
If your limited company is solvent with assets of less than £25,000 then Company Dissolution is usually suitable and typically costs a few hundreds pounds.
Directors Redundancy Payments
Outstanding wages and redundancy may be payable by the National Insurance Fund. See Directors Redundancy Calculator.
Can I simply dissolve my business?
Dissolution is often a cheaper way to close a company compared to liquidation
When Dissolution is Suitable?
There must be no outstanding debts or liabilities, no ongoing legal proceedings and unanimous agreement among all directors and shareholders.
When Dissolution is Not Suitable?
For solvent companies with shareholder distributions over £25,000, a Members’ Voluntary Liquidation is preferable for tax reasons. For insolvent companies with creditors or HMRC likely to object, a Creditors’ Voluntary Liquidation is needed.
Why Use A Professional Service?
It's vital all matters are dealt with correctly – otherwise it could be costly, for example:
- Post-dissolution, any assets of a dissolved company are frozen, and any credit balance belongs to the Crown.
- A company can be restored by court order for reasons such as outstanding debt or HMRC liability..
Dissolving Your Company With Us
We can be as hands-on as you require, handling creditors, Companies House, and HMRC.
The strike-off process addresses outstanding company assets, debts, and any other unresolved issues. Upon completion, your company is removed from the register, and your duties as a director come to an end.
A Trusted Partner since 2007
Why directors choose Swift Liquidations
Free Assessment
Feel free to give us a call for an informal chat - it won’t cost you a thing, and there’s no need to disclose your business name. Speak with us in confidence - we’re here to help.
Certified Professionals
We've been supporting businesses to liquidate and individuals with personal debts for 18 years. We've done it all - from sole traders to complex corporations - and everything in between.
Nationwide Coverage
Liquidations don't require a physical meeting - it's all online and by phone - keeping the costs right down. For liquidations involving item disposals - such as equipment and furniture - we leverage our partner network to efficiently handle these tasks.
