Liquidating a limited company is a bit like demolishing a building. It’s not as quick as you think and you have to send out notices before you start.
Once you’ve started you have to make sure that everyone is out of the company and the owner pays for the job to be done upfront because its too late when it has been taken down.
There has to be a good reason to demolish a building. Sometimes it’s just too much of an eyesore.
Most directors liquidating a limited company want to trade on in a new company. Risk isn’t like in the United States. Here in the UK entrepreneurs are penalised when risk doesn’t work out.
The Government doesn’t understand that business is all about risk and sometimes you win whilst other times you lose.
Liquidators will obviously claim back overdrawn director’s loan accounts and inappropriate expenses along with illegally paid dividends.
It may be worth having a dry run liquidation before you make your mind up to see if liquidating a limited company is such a good idea. Call TaxGone on 01302 815846 to book your meeting.
TaxGone - Company Voluntary Arrangement - CVA Specialists
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