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When you are considering liquidating a company due to financial problems, take the time to compare all of the available options.There are other courses of action that may be available to companies in financial difficulty, so consider exploring these before you decide to close the company via liquidation.Do not ignore any threat in the form of a winding up petition, as the intention is to forcefully liquidate your company.The details of the process when voluntarily liquidating a limited company depend largely on the type of liquidation that is chosen.If the limited company has liabilities that it cannot afford to pay and you would like to move on without the stress of the company’s debts hanging over your head, this type of business liquidation may be an appropriate option.Although it should be seen as a last resort, liquidating a company via this route can be considered a rational decision and it may not necessarily mean the end of business.(MVL) is the appropriate way to liquidate a solvent UK company and can be used as part of an exit strategy.
One example of a creditor could be tax arrears with HMRC for VAT or PAYE, so this need to be considered before going into liquidation.are usually initiated by a creditor that is looking to force a company into closure via a court order application.The process is usually instigated with a winding up petition and once it is heard at court, it can become a winding up order.There is a minimum statutory notice period for creditors of 7 days so, assuming 90% percent of shareholders agreed to the short notice, it could potentially happen in as little as 7 days.Prior to compulsory liquidation, the following stages follow these time-frames: An appointed licensed Insolvency Practitioner (Liquidator) is required for liquidation and they have several duties in their position.
Therefore, this is not a voluntary process for directors.