How to close down your Limited Company.
Closing down a business can be very stressful, however, taking professional advice can help reduce this stress.
Types of closure?
There are a number of ways to close down a business. This all depends if the business is solvent or insolvent. The various ways are below
- Creditors Voluntary Liquidation
- Compulsory Liquidation
- Members Voluntary Liquidation
Recieved a Bounce Back Loan?
If your business has receieved a Bounce Back Loan then taking professional advice is definitely required. Some business owners have decided to try and close down their businesses themselves, however, they are running into issues as lenders are rejecting the business closure at companies house.
If you have taken a bounce back loan taking professional advice will help smooth the closure and the banks are unlikely to reject the closure as it is being done professionally.
Director Redundancy?
As a business in difficulty you could apply to make all staff redundant which includes the directors. Many business owners do not know that this is possible but it could generate some much needed funds and could help to pay for the professional closure of the business.
How do I apply?
As a formal insolvency process you would need to appoint a licenced insolvency practitioner. All Star Funding solutions work with a number of insolvency practitioners who we can recommend based on your circumstances. They will take on the role of liquidator on your behalf and will be responsible for liaising with creditors and distributing the proceeds of assts according to the designated hierachy.
Talk to the specialists.
Without a doubt seeking professional advice would be beneficial for many business owners.
We offer a full package of FREE advice. There is no one size fits all solution and many businesses have different needs and requirements. We can help guide you through the many different options available on the market.
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Why use a broker?
As experienced brokers we are able to offer a wide range of solutions.
We are experts in our field and we look to obtain the best terms for all our Clients.
The best thing about working with us is that we do not charge any fees. This means there is absolutely no cost to your business.
We work with a panel of over 50 UK lenders. Our vast panel of lenders means we can source all types of facilities nationwide. This ranges from Business Credit Cards through to large Commercial Mortgages.
With so many lenders competing for your business, it can be difficult to know where to start. All Star Funding Solutions are able to advise and negotiate the best rates on behalf of your business.
We know the market and can save you time and money sourcing your next lender.
Call us today or enquire online.
Enter your details above or give us a call on 0161 8211478 / 0203 1431478 to talk through your requirements with one of our experts.
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Closing down a Business
