Do I Need to File Overdue Company Accounts Before Liquidation?
If your company is already struggling, discovering that its annual accounts are overdue can feel like another obstacle to getting it closed. You might assume you need to pay your accountant to bring everything fully up to date before you can even start discussing liquidation. That is not usually the case. You do not normally […]
What Happens to Your VAT Number When Your Company Is Liquidated?
If your company is VAT registered and heading towards liquidation, you might assume its VAT number will be cancelled as soon as the liquidation begins. In practice, it is not always quite that immediate. The company may have stopped normal trading but still have VAT obligations to deal with. The VAT registration can remain active […]
What Happens to Your Company Bank Account When You Go Into Liquidation?
If your company is approaching liquidation, one of the most immediate practical concerns is often what happens to the money in its bank account. Can you still pay staff or suppliers? What happens to incoming customer payments? And if there is cash left in the account, does it disappear? The answer depends partly on how […]
Can I Close My Company If I’ve Just Received a CCJ?
Receiving a County Court Judgment can make an already difficult financial situation feel much more urgent. You may be worried that the company has run out of options or that enforcement action could begin at any moment. A CCJ does not automatically prevent you from closing your company. However, it can affect which closure route […]
Can a Director Resign Before a Company Goes Into Liquidation?
When a company is struggling with debt, resigning as a director can feel like a way to step away from the pressure. You may be worried about creditors, HMRC, personal liability or decisions being made by other people in the business. You can usually resign before liquidation. However, resignation does not close the company or […]
Selling an Insolvent Company for £1: Quick Exit or Bigger Risk?
An offer to sell an insolvent company for £1 can sound like an immediate solution. The buyer becomes the new owner, appoints a new director and promises to deal with the debts. You may feel that you can finally step away from creditor calls and financial pressure. However, selling the company does not erase its […]
Commercial Lease, Rent Arrears and Dilapidations: What Happens in a CVL?
A commercial lease can become a serious source of pressure when your company is struggling. Rent may already be overdue. The landlord may be threatening enforcement. You may also be worried about repairs, damage to the premises or a personal guarantee you signed several years ago. Entering liquidation does not simply make the lease disappear. […]
Can I Still Use the Same Brand or Trading Name After Liquidation?
A familiar business name can carry years of goodwill. Customers recognise it, suppliers trust it and your website may already attract enquiries. It is understandable to want to keep that value if your limited company has to close. You may sometimes be able to use the same brand or trading name after liquidation. However, you […]
Can I Liquidate One Company and Keep Another Trading?
Running more than one company can make financial problems feel especially complicated. One business may have reached the point where it cannot continue, while another remains profitable and capable of meeting its commitments. In many cases, you can liquidate one company and keep another trading. However, you need to consider how closely the businesses are […]
My Company Has Unpaid Invoices but No Cash: Can This Affect Liquidation?
Your company’s bank account may be empty, even though customers still owe you thousands of pounds. This can leave you unable to pay HMRC, suppliers, staff or other immediate costs. It can also make it difficult to understand whether the company is insolvent and how you could afford to close it. Unpaid invoices can affect […]