Not long after the 2008 financial crash hit, lots of company directors were shouting the words – liquidate my company.
Most companies were caught up in the sorry mess and still are, many years later.
As a director when asking to “liquidate my company” you will probably choose a creditors’ voluntary liquidation if your company can’t pay its debts.
It is worth noting that shareholders can voluntarily liquidate the company by voting and passing a special resolution to stop trading.
After asking to “liquidate my company” and passing the resolution for the voluntary winding up of the company, the resolution must be sent to companies house within 15 days which is then advertised in the London Gazette within 14 days.
The Licensed Insolvency Practitioner that heard your call to liquidate will take control over the company’s affairs and notify Companies House.
As a Director, you will have to attend a creditor’s meeting within 14 days of the resolution and notify the creditors 7 days before the meeting, at which they are at liberty to question why the company failed.
If you are in a crisis position and are thinking – liquidate my company, then call TaxGone on: 01302 815846 and we will ease you through the process.
TaxGone - Company Voluntary Arrangement - CVA Specialists
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