Discontinuation - Closure - Cessation
Insolvency Expertise
What is company insolvency?
Insolvency is when a company is unable to pay its debts or other outgoings on time or in full. In many ways insolvency can be seen as bankruptcy for businesses.
Facing financial distress can be overwhelming, but with our professional team of insolvency experts. We will be able to talk to you through the various options and suggest the most appropriate solution for your company. The sooner you seek help, the more options will be open to you.
How to tell if your company is insolvent
If you are uncertain that your company is insolvent, there are two main tests you can take which can determine whether your company is currently classed as insolvent.
Cash flow test – It essentially answers the question ‘can you pay your bills on time and in full?’ If the answer is no, this is a clear sign that your company is insolvent.
Balance sheet test – If the liabilities are greater than assets, then the company is classed as insolvent.
Our services in this area encompass
We provide you solutions which may include various courses of action like informal creditors arrangement or Time to pay (TTP), Company Voluntary Arrangement (CVA), Administration, Corporate Refinancing and Liquidation.
Liquidation Options
What does company liquidation mean?
Liquidation is the formal process of closing a limited company. It can be used to bring about the end of a company due to insolvency, or simply to extract the proceeds from a profitable and solvent company.
There are three main types of liquidation in business: Creditors’ Voluntary Liquidation, Members’ Voluntary Liquidation, and Compulsory Liquidation.
When solvency is no longer possible, Help My Business Ltd. offer a range of liquidation options to ensure the most appropriate approach for your business:
Members Voluntary Liquidation (MVL): For companies with surplus assets that are no longer needed, we assist in executing an MVL, which enables the distribution of these assets to shareholders in a tax-efficient manner.
Compulsory Liquidation (WUP): Winding-up Petition (WUP) is issued by one or more company’s creditors freezing company’s bank accounts to prevent assets from being removed. It is heard by judge and without sufficient defense WUP is granted which forces company to wound up.
Company's Voluntary Liquidation (CVL): If your company is unable to meet its financial obligations, we help you navigate the CVL process, allowing for an orderly and legally compliant winding down of your business while minimizing the impact on stakeholders.
Dissolving a company (Strike-Off)
When it's time to close the chapter on your business, when a company is voluntarily struck off Companies House, the public register on which official company information is displayed. We guide you through the process of company dissolution (strike-off) Help My Business Ltd. facilitate the voluntary strike-off process, ensuring that all necessary legal requirements are met and that the process is carried out efficiently.
Our team ensures that all regulatory obligations are fulfilled, safeguarding you from potential future legal complications.
Expert Consultation and Support
At Help my Business Ltd., we offer more than just services – we offer dedicated support and expert insights tailored to your unique situation:
Let Help my Business Ltd. be your partner in achieving financial stability and re-energizing your business's prospects.
