Process of liquidating
Your company may have outlived its purpose, or you may wish to extract the value of cash and assets from the company in a tax efficient manner.
People to whom your company owes money are referred to as creditors and these can consist of both secured and unsecured creditors.
The creditors may be demanding payments that the limited company simply cannot afford to pay.
You may find that options such as a Company Voluntary Arrangement (CVA) or Administration will provide a viable way for the company to carry on trading.
There is no one set process for liquidating a company as each type of liquidation follows a different path.
The process usually begins with a statutory demand being served and also includes a winding up petition, petitioning for the judge to hear the case at court, for an amount owed.