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Struggling with bounce back loan ? We understand that facing financial difficulties and considering liquidation can be a challenging and overwhelming process. That's why our team at Preliquidation.co.uk is here to provide you with expert guidance and support every step of the way.
To confidentially discuss your options going forward simply leave us your number and one of our Insolvency Practitioners will call you back for a friendly no obligations chat.
With years of experience in the field, our specialists have a deep understanding of the complex and intricate processes involved in liquidating a business. We offer comprehensive and tailored solutions to help you navigate through this difficult time, ensuring that you receive the best possible outcome, for mor details about us page.
There are several reasons why a business may need to be liquidated. Perhaps you are struggling to pay your debts, or are looking for a tax-efficient way to exit your company. Whatever your circumstances, you can rely on Inquesta to assist.
Liquidation is the formal procedure of closing down a business and liquidating its assets to raise money. Typically, the proceeds of this will be used to pay off the company’s creditors with any remaining funds being distributed amongst shareholders.
In many cases, a company has hit upon hard times and what was once a viable business has become insolvent with creditors petitioning for the company to be liquidated.
The first port of call should be to consult with a licensed insolvency practitioner to discuss your options. Thankfully, you can arrange a free initial consultation with one of our local insolvency practitioners at your convenience. So we Preliquidation Ltd as preliquidation.co.uk, low cost service means that you can afford to take the steps necessary to move forward whilst receiving a bespoke professional service from our experienced team
Whether you're facing insolvency, bankruptcy, or just struggling to stay afloat, our team of experts will work with you to find the best course of action for your unique situation. We offer a range of services including, but not limited to:
Business valuation is the process of ascertaining a fair economic worth of a company.
Debt restructuring is a process where companies or entities facing financial distress or illiquidity seek assistance from lenders to refinance their debt and re-package it.
When an asset set for disposal is sold, depreciation expense must be computed up to the sale date to adjust the asset to its current book value.
The purpose of this Liquidation Plan is to provide for a plan of liquidation and distribution of the Assets, identification, resolution and barring of Claims and dissolution of the Corporation.
Our legal regulatory specialists will come up with bespoke compliance solutions tailored to best practices and your specific business needs.
How does your Solution work ?
The solution works by acquiring your company and taking on its liabilities. The company will then become dormant, and all outstanding debts and liabilities will be settled. The process usually involves transferring ownership of the company's shares to the acquiring entity and filing all necessary paperwork with Companies House. The outcome is that the former owner is no longer responsible for the company's debts and can move on without any further obligations to the company or its creditors.
If I wish you to acquire my company, what is the procedure ?
Initial Consultation: Contact us to discuss your company and your specific requirements. We will provide an overview of the process and answer any questions you have.
Agreement: If you wish to proceed, we will provide you with an agreement setting out the terms and conditions of the acquisition.
Preparation: We will prepare all the necessary paperwork for the transfer of your company, including any necessary resolutions, forms and certificates.
Transfer: We will transfer the ownership of your company from you to us, including all of its assets and liabilities.
Completion: Once the transfer is complete, we will notify Companies House and other relevant authorities of the change of ownership. Your company will then be dormant and its affairs will be administered by us.
Support: We will continue to provide support and assistance throughout the process and beyond, as required.
The benefits of our scheme include:
After acquiring your company, we will not have any interest in its assets. The company will become inactive. In the event that a creditor successfully petitions for the winding up of the company, any remaining assets will go to the creditors. If Companies House removes the company from its register, the assets will become "bona vacantia," which means they will belong to the Crown.
Yes This is a decision that you have to make. When transferring company assets, it's important to keep in mind that you have a responsibility to its creditors. We suggest transferring any assets you take to the creditors as soon as possible and paying HMRC first if applicable. Keep in mind that certain assets, such as stock, may not have much value outside the business. Consider starting a new business to increase the value of these assets and potentially give more to the creditors. Once you have transferred the company, you will no longer have access to its assets and will have fulfilled your responsibilities to it.
You can check the company's records on Companies House's website. The information on the website is updated regularly and will show any changes made to the company's details, including the transfer of shares. Additionally, you can request a copy of the updated articles of association from the new owners to confirm the changes have been made.
As a director, you have the right to resign from your position. As a shareholder, you are able to sell your shares in the company. If the company is insolvent, it must cease operations, and all necessary paperwork must be submitted to Companies House.
If you have personally guaranteed some of the company debts, you will be responsible for paying those debts even after the company is sold. The company's sale will only remove the debts that are not personally secured. It is recommended to use the money intended for a liquidator to settle the secured creditors.
If you resign as a director but do not transfer the shares, you may still be considered a "shadow director" and be held responsible for the company's debts. The company's registered office may still receive warnings and be visited by bailiffs. Additionally, if the company is later dissolved and you did not transfer your shares, you may face investigation by HMRC or the Insolvency Service, who now have the power to retrospectively examine company dissolutions and strike-offs to ensure they were properly completed and to hold directors accountable for any outstanding debts.
Consulting a licensed liquidator is an option, but the fees are typically expensive, often exceeding £5000 + VAT. This can be a significant cost, especially for a struggling business. Consider whether the fee can be put to better use, such as paying off secured creditors or starting a new business.
Using an insolvency practitioner (IP) can have some disadvantages such as:
The IP will prioritize the interest of the company's creditors over the owner even though they have been paid and appointed by the owner.
The IP may pursue recovery of all debts owed to the company, including director loans, through legal action if necessary. Filing a report with the Government's Insolvency Service about the company's failure and the owner's conduct is part of the IP's duties, which can be time-consuming for the owner.
No, using form DS01 and paying only £10 is not enough to wind up your company if it has creditors. Companies House will advertise the notice of dissolution in the London Gazette, which is monitored by banks and HMRC. If an objection is filed, the company will not be able to dissolve. Additionally, a new bill is being introduced that gives HMRC and The Insolvency Service the power to investigate and penalize directors who dissolve their companies improperly and leave outstanding debts, including Bounceback loans and taxes. Hence, it is not advisable to use the DS01 method, as the consequences could be severe.
To proceed with acquiring your company, we will need the following information from you:
The procedure to transfer ownership of the company to our client involves several steps. First, you must provide us with the necessary information and pay the introducer fee. Then, our client will prepare the relevant documents for transferring shares and resigning as an officer. Your electronic signature will be required on the paperwork. After paying the introducer fee, the documentation will be submitted to HMRC to reflect the change of ownership. Finally, our client will update the Companies House records using the company's web authentication code.
Your obligations for the future running and conduct of the company cease from the date of your resignation. When we acquires the company from you, it will become dormant.
They have the same rights and remedies available to them after our client acquires your company as they did before the acquisition. However, they must now contact the new company owners and not you.
Yes, Bounceback loans and taxes owing to HMRC can be a problem for an insolvent company. Bounceback loans must be repaid, and taxes owed to HMRC must be paid, even if the company is insolvent. If a company cannot pay its debts, including Bounceback loans and taxes owed to HMRC, it may be subject to legal action by its creditors, including the government.
An insolvent company is a company that is unable to pay its debts as they fall due, or one that has liabilities greater than its assets. It is often a sign that a company is facing financial difficulties and may be at risk of going bankrupt.
Wrongful trading is a concept in UK company law that refers to the continuation of trading by a company director when they knew, or ought to have known, that there was no reasonable prospect of the company avoiding insolvent liquidation. It is a potentially criminal offense, and if proven, a director can be held personally liable for the company's debts.
When a company is in financial trouble, everyone involved, including employees, directors, owners, suppliers, and customers, is impacted. The constant stream of phone calls, letters, and bailiff threats cannot be ignored and must be dealt with promptly, especially to avoid accusations of continuing to operate the business despite its inability to pay its debts.
For a fee, we connect you with a third party who will purchase your insolvent company.
Benefits for you:
Our acquisition target is limited companies with fully paid shares and located in England and Wales.