Liquidations
At SJPR we are committed to providing an exceptional service based on professionalism, in-depth experience and independent specialist expertise. SJPR have partnered with a selected group of Insolvency Practitioners that are regulated and licensed by the Insolvency Practitioner’s Association (‘IPA’)
Our service offering includes turnaround management, corporate debt rescheduling, refinancing, fundraising, interim management, insolvency and corporate recovery.
SJPR have helped businesses of all sizes that have faced sudden or long-term financial challenges. We are here to assist clients to overcome those challenges in order to secure the best possible financial outcome. Our key objectives are to help businesses survive and prosper, safeguard jobs and to try maintaining stakeholder value.
We can provide a prompt and responsive service by placing an expert in front of you at the earliest opportunity to assess your position and to ensure you have as many options to consider as possible. The more options you have available the better the chances of a successful rescue.
If you believe your company is insolvent or you require help with a business recovery strategy, we are here to help. We will never force you to act and will advise you of all the available options.
Please call us today for a free consultation.
Closing a company the right way
Whether your company has reached the end of its purpose or is facing financial difficulty, how it is closed matters for directors, shareholders and creditors. SJPR works with licensed and regulated Insolvency Practitioners to guide you through every option with discretion.
Types of company closure
- Members’ Voluntary Liquidation (MVL): for solvent companies, allowing shareholders to extract remaining funds in a tax-efficient way, subject to the relevant reliefs and conditions
- Creditors’ Voluntary Liquidation (CVL): for insolvent companies, where directors choose to close the company in an orderly way
- Company strike-off: a simpler route for dormant or solvent companies with minimal assets and no liabilities
- Company Voluntary Arrangement (CVA) and administration: rescue options for viable businesses under pressure
Directors’ duties when a company is in difficulty
Once a company is insolvent, directors must act in the interests of creditors. Taking early advice reduces personal risk and gives more options for rescue or an orderly closure.
How SJPR helps
- Initial confidential review of your company’s position
- Introduction to a licensed Insolvency Practitioner suited to your case
- Preparation of final accounts, tax returns and HMRC clearances
- Advice on distributions to shareholders and the tax treatment
Frequently asked questions
What is the difference between an MVL and a CVL?
An MVL is used to close a solvent company and distribute its assets to shareholders. A CVL is used when a company is insolvent and cannot pay its debts.
Can I just strike off my company?
Strike-off is possible for companies with no debts and minimal assets. It is not suitable where there are creditors or significant funds to distribute.
Who carries out a liquidation?
Formal liquidations must be carried out by a licensed Insolvency Practitioner. SJPR works with regulated practitioners and handles the accounting and tax side.
When should directors seek advice?
As soon as there are signs of financial difficulty. Early advice protects directors and keeps more options open.
Speak to SJPR Accountants. Call 020 3371 0292 or contact our London team to book a consultation.