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We do all the hard work
Once in liquidation, we will close the company and take control of its affairs for you
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An expert will guide you though the process
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If you're happy, liquidate your company
Testimonials
See why our customers rate us five stars on Feefo
I found working with the team at SFP easy and professional. They told me what was going to happen, when and how it would be managed; then they did their job. I wish more professional firms worked like this.
We were very pleased with SFP Group’s professionalism and this ultimately ensured the survival of the business. All your staff were very professional, knowledgeable and supportive in their advice.
The team at SFP had a good understanding of our industry, so were able to react quickly and effectively to the needs of the business. Their communication and support throughout the whole process was outstanding, I would recommend their services should a business find itself in difficulty.
SFP responded immediately to the initial requirements and carried out the assignment quickly and professionally. They worked as a team with property and valuation specialists as well as with relevant management team members to seek the best outcome for the company, the staff and the creditors, while remaining focused on implementing a timely solution. I would be happy to use them again.
FAQ's
What happens when a company is placed into Liquidation?
If it has not done so already, the business almost always ceases to trade. The Liquidator, who has various statutory powers enabling them to wind the company down, will then take control of the company’s affairs.
What happens with the Company’s assets?
The Liquidator will first instruct agents to value and price the Company’s assets. Once this has been done, the Liquidator will then sell the assets for the best value achievable in the circumstances.
What happens to the money that the Liquidator recovers?
There is an order of priorities that the funds retrieved will be used to pay. These are set out as follows: -The cost of the liquidation -Secured/preferential creditors -Unsecured creditors
What happens to the company’s employees?
In most cases, the Company’s employees will be made redundant. Through the National Insurance Fund, employees are able to claim redundancy pay and other entitlements, whereby the Liquidator will assist in the submission of these claims. If a sale of the Business is able to be concluded by the Liquidator on a going concern basis, it is possible for employees to be transferred to the purchasing entity.
What other duties does a Liquidator have?
Having a duty to investigate the company’s prior affairs, the Liquidator will provide a report to the Insolvency Service with their findings. Once reviewed, the Insolvency Service will then consider disqualification proceedings. If necessary, the Liquidator also has the power to attempt to recover assets from parties to certain transactions prior to Liquidation.
How quickly should Directors act?
As quickly as possible! As part of their report to the Insolvency Service, the Liquidator will take into consideration how quickly the Directors acted in obtaining advice. There may be accusations of wrongful trading if the Directors continued to trade whilst knowing the Company was insolvent.
Can the Directors of a company in Liquidation purchase its assets?
Provided their offer is acceptable to the Liquidator based upon market value and this option is the best outcome for the company’s creditors, then the Directors (or shareholders) can purchase the company’s assets. Using an independent valuation agent, any offer received should be considered the best achievable within the circumstances. Although they must meet certain conditions if they want to trade with the same or similar name, the Directors can trade again in the same or similar line of business.
How long does a Liquidation last?
The answer to this varies depending on individual circumstances. 12 months may be long enough, however for reasons such as asset sales or distributions to be made to creditors, then a liquidation may take longer.
How does a Liquidation end and what happens when it does?
When all issues relating to the winding up of a company’s affairs have been dealt with, the Liquidation will end. A final report will be sent to the Creditors from the Liquidator. After a period of 8 weeks, this final report will be logged with Companies house and (usually) 3 months later, the company will be officially dissolved.
What is a Members Voluntary Liquidation?
An MVL is a liquidation process available to solvent companies, enabling the shareholder/s to appoint a liquidator to formally close down their company.
Closing your company through an MVL process allows your company assets to be transferred to you by way of capital distribution and thus be potentially eligible for Business Asset Disposal Relief (formerly Entrepreneurs’ Tax Relief). This is a generous allowance whereby you are taxed at 10% on the entirety of the company assets, potentially saving you £1000s
Do I qualify for an MVL?
As long as the company you are looking to close is solvent and has over £25,000 in net assets once all liabilities have been paid and has been trading for longer than 24 months, an MVL is probably the right route for you. Fill in the form now to speak to an expert
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