Business Voluntary Liquidation

Thinking of a Business Voluntary Liquidation? What Are The Options?

A Business Voluntary Liquidation needs to be done correctly to get the full benefits of the process and its aftermath.

A business voluntary liquidation is more usually described as a company liquidation, and is a process whereby a company is closed down because of matters relating to its insolvency.

There are two types of liquidation. A voluntary liquidation, which can be either a directors’ voluntary liquidation or a creditors’ voluntary liquidation, is brought about by resolution of the company with the help of an insolvency practitioner. A compulsory liquidation is brought about by an order of the court and this can be conducted by the Official Receiver or by a qualified insolvency practitioner.

In the case of a business voluntary liquidation the directors decide, with the shareholders, that the company needs to be dissolved. This is in contrast to what is known as administration, which is a different thing entirely. In the last quarter of 2008 over 3,000 companies went into voluntary liquidation, whereas 2,000 companies went into administration.

Towards the end of the last century the government recognised the need for a cultural change to preserve businesses rather than wind them up completely. There are now many devices and arrangements which can take the bad debt side of a business away and start afresh, for example, in the form of a pre-pack administration, with a phoenix company which continues to trade just as the old debt-ridden company did, but without its strangulating debts, thus preserving the income of the directors and the jobs of the employees, etc.

If you would like to talk about business voluntary liquidation to a specialist with 17 years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.

However, if you need help with personal debt (rather than business related debt) go to our free debt management plan application form.

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