Creditors Voluntary Liquidation
- Used to wind-up insolvent companies
- A Liquidator is appointed to wind up the company
- Assets are realised and the proceeds are shared among any creditors
- The Directors are free to be directors in the future
- Prices can start at £3,000 plus VAT and disbursements to convene regulatory meetings and assisting in preparing the report
Members Voluntary Liquidation
- Used to wind up solvent limited companies
- Commonly used to close a limited company that will no longer trade due to retirement or the reorganisation of a group
- Assets are realised and distributed to shareholders
- Future tax liabilities are dealt with effectively
- Shareholders can received distributions very quickly; in a matter of days as opposed to weeks or months
- Prices can start at £3,000 plus VAT and disbursements
Company Voluntary Arrangement
- A formal arrangement between an insolvent limited company and it’s creditors which allows the company to carrying on trading
- Monthly repayments to creditors are reduced
- The company is protected from any creditors attempting legal action
- The directors remain in control of the company
- An Insolvency Practitioner is appointed to put the CVA in place and communicate with creditors on behalf of the company
- Prices can be as little as £2,500 plus VAT and disbursements to prepare and propose the arrangement
Pre-Pack Administration
- A legitimate way to restructure a struggling limited company
- A Liquidator is appointed to wind up the insolvent company
- A new limited company can be set up by the original directors, who can then buy the business and assets from the original insolvent company
- The business can carry on trading continuously through the process
- A pre-pack administration is simply the cost of buying back the assets at market value
