How to Wind Up a Limited Company
The term ‘winding up a company’ is often used in multiple insolvency situations and can be referred to when addressing several types of company closure. However, it is more commonly used when a creditor such as HMRC is initiating the process of forcing a company into liquidation, with the aim of debt recovery. The creditor may start this process by serving your company a winding up petition.
The appropriate solution for winding up a company will depend on whether your company is solvent, or not. Have a look at our ‘What is Insolvency’ page to find out.
To wind up a business in the UK that is solvent, you may want to consider a Members’ Voluntary Liquidation. If your company is insolvent, then a Creditors’ Voluntary Liquidation may be appropriate. If your company has been issued a winding up petition, this is an attempt to force your company into compulsory liquidation and you should seek advice, immediately. The directors will start to lose control as soon as the winding up petition is advertised in the Government’s Insolvency Register (The Gazette).
We are very experienced at fighting winding up petitions and with HMRC negotiations and we have been successful in doing so. In the majority of cases, we can usually rescue the business, or help to agree on an arrangement with HMRC for substantial tax debts.
Knowing who to trust can be difficult when considering winding up a limited company so make sure you read through our testimonials page. If necessary, we can also arrange for you to speak with some of our previous clients as further testament to the quality of our company winding up services.
Prefer to talk? Speak with one of our specialist team members today on 08000 746 757 to learn more about winding up a company, or alternatively use the live support facility at the bottom of the page to get an answer fast.