Company Liquidation & Closure, Without The Stress

An insolvency practitioner is a professional who helps business owners, specifically business directors, with advice and support when they cannot pay their debts.

Our fully licensed insolvency practitioners are here to guide you with fast, jargon-free insolvency and business debt advice. They assess your financial situation, advise on legal debt solutions, and manage formal insolvency processes, including CVA, MVL. They also have the experience to guide you on HMRC arrears and legal action, and the different ways to close a business.

The cost of an insolvency practitioner depends on the process and complexity of your business and the service required. We start with a free consultation to assess the financial health of your business, including debts and assets. From there we explain your options in a straightforward way to give you clarity on your next steps.

A fixed fee is agreed based on the circumstances of your business. Get a free quote and take our 60-second test to find out how much a creditor’s voluntary liquidation or member’s voluntary
liquidation could cost you. This will tell you how much an expert insolvency practitioner will cost you.

Insolvency means your business cannot pay its debts. In practice, this occurs when a business is unable to pay their debts when they’re due (cash flow insolvency), and when a businesses’ liabilities exceed their assets (balance sheet insolvency).

Once your business enters an insolvency practice, creditors are unable to chase you and an insolvency practitioner manages the insolvency process, often selling your assets to pay creditors, in other scenarios some or all business debts may be written off.

Liquidation is a type of insolvency. Insolvency is a broad financial condition in which a business can’t pay its debts, while liquidation is the legal process where a company is closed and its assets sold to repay its creditors.

When you declare insolvency your finances are investigated and control of your assets may transfer to an insolvency practitioner or official receiver. Your creditors are notified, informing them not to chase you. You then enter a legal process of liquidation, either a Creditor’s Voluntary Liquidation, or a Member’s Voluntary Liquidation.

Businesses qualify for liquidation when they can’t realistically pay their debts and they meet the specified legal criteria for an insolvency. A businesses’ eligibility depends on their income, assets, debts, and circumstances.

Insolvency stays on a director’s credit file for six years. Your business is placed on a public insolvency register during the process, and removed after the process is complete.

After insolvency, remaining qualifying debts are written off and business directors are legally released from the process. Directors can then rebuild credit, open bank accounts, and start new businesses, often with some limitations to begin. Insolvency is a positive step, viewed as a reset, rather than the end of a business journey.

Insolvency processes vary. It often takes 2-3 weeks to enter a business into a Creditor’s Voluntary Liquidation. From this point the insolvency practitioner must deal with a businesses’ assets and pay their debts.

Most straightforward CVLs are completed within 8 months to a year, while more complex cases can run into years when there are many assets to deal with.