Closing a solvent business

Are you thinking of closing down your company, for example if you have decided to dissolve a relationship with a business partner, or you have decided to retire?

The process of closing a solvent company can be straightforward with the proper advice, but without it can be a minefield of potential liabilities. If you are unsure on how to close down your company, Birkett Long’s specialists will guide you through this process, provide you with the options available and help you consider any alternative strategies.

Birkett Long’s specialist advice is needed to ensure compliance with the Insolvency Act and Insolvency Rules, and to reduce the risk of directors incurring personal liability, for example in a ‘phoenix company’ situation.

There are a few things to think about when deciding to close your company:

• Do the directors of the company agree to its liquidation?
• Have the company’s shareholders agreed to close the company?
• Do you want to start a members’ voluntary liquidation?
• Does the company owe money?
• Are you thinking of letting your company become dormant?

Birkett Long is a member of R3 – The Association of Business Recovery Professionals.