Business Rescue Specialists

020 3995 6380 | Offices nationally
We’re here to help. Contact us for a free confidential discussion.

Need advice about Company Liquidation now?

How we can help

Fully licensed Insolvency Practitioners

HMRC debt advice and support

Help with pressure from creditors

Affordable solutions

Direct contact with our senior team from the outset

Contact us for free confidential advice on your exact situation

As an insolvency and restructuring practice, our Insolvency Practitioner’s have many years of experience supporting businesses. We work with business owners and directors to ensure that commercially driven results are achieved and take a proactive and pragmatic approach towards tackling business challenges.

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Insolvency Practitioners

Colin Wilson

Mark Boast

Jo Rolls

What is Company Liquidation?

A Creditors’ Voluntary Liquidation (CVL) is the more specific term used for the process of liquidating a company in the business world. This procedure is a common process used to close a business when the company is insolvent and cannot pay its debts.

A CVL is a director led process whereby the shareholders place a company into liquidation to facilitate an orderly wind up of the company’s affairs. The decision to initiate a CVL process is usually when the company has run out of cash, it is unable to pay its debts, or the directors believe that the business is no longer viable. The typical business challenges that we see when we are called in include:

• The Company has run out of cash

• The Company cannot pay its debts on time

• Creditors are threatening legal or bailiff action to recover debts

• The services and/or products sold by the Company appears to no longer be viable

There is also a compulsory liquidation which is done through a court process, usually initiated by a creditor, where a Winding Up Order is made.

If you have a concern in relation to a court issued Winding Up Order or a legal document you have received, do not delay, contact us now.

What is the Liquidation process?

1. You will need to instruct a licenced Insolvency Practitioner as this is the only person who can act as the Liquidator.

2. Information will need to be provided so that we can prepare a report to creditors and a statement of affairs (a snapshot of the Company’s assets and liabilities) can be drafted. At Opus, we provide you with an easy to complete questionnaire to assist in this process.

3. A shareholders meeting is convened at which the shareholders to pass certain resolutions pertaining to the Liquidation.

4. At the same time, a creditors meeting is also convened for the creditors and for the purposes of, amongst other matters, confirming the appointment of the shareholders chosen insolvency practitioner.

5. The creditors meeting is ordinarily held virtually, but creditors who meet the criteria (either 10% by value of creditors or 10% in total number of creditors or 10 individual creditors) can request a physical meeting.

6. Following our appointment, the claims of the employees who were made redundant are processed (whilst former employees can claim pre-Liquidation, the claims cannot be processed until the Company is in Liquidation).

7. Generally speaking, and as long as the required information is provided quickly, the Company can be in Liquidation within two to three weeks from the date of instruction.

How much does a Company Liquidation cost?

The cost of a Liquidation depends on the complexities of the case and primarily will depend on:

• The number of creditors

• How many employees there are

• Whether there is any legal or bailiff action pending

• The assets that need to be dealt with

• The structure of the Company

However, once you have spoken to one of our Team, we will be able to provide you with an exact price for your business.

How we've supported other business owners

From the outset, we make sure we fully understand your business, its market, your processes, problems and its trading history – each company we work is unique so it’s important to gain a clear understanding of your business and its challenges.

“Opus made me feel at ease and explained my options in a clear manner. Although my business was experiencing financial difficulties at the time, the advice I received meant the business itself was saved and a large portion of the business debt was written off. I would highly recommend other directors in this position to explore their options with Opus.”

“We approached Opus when our business began to get into difficulties. Opus was helpful and supportive and gave clear and timely advice regarding our options. Resultantly the company was placed into Administration which was handled in a fair and very professional manner. As a consequence we were able to emerge with a much slimmed down business which has flourished over a number of years allowing us to build up considerable reserves sufficient to see us through any future period of uncertainty”

"At the point we called Opus in, we had severe cash flow challenges. We had been fire fighting for some time, but never quite managing to get back on track. The support Opus provided, across their divisions, was phenomenal. Opus is different from what I expected from an IP practice – they care. Whilst making sure we comply with all legal aspects; they have been doing everything they can to help my business to recover. I highly recommend Opus"

Let's take a pragmatic approach towards tackling your business challenges

Liquidation isn’t always the right procedure for a business. However, action is needed to identify the clear position of the Company, and then what options are available depending on what you want to do, what is possible and the legal obligations for the Directors of the business.