We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Liquidating Limited Company, Help Please

Hello there,

My partner and I are looking to liquidating our limited company as soon as possible. We have enquired about liquidation process with the Companies House and Business Link, one said it takes 3 to 4 months to liquidate the company and the other just as us to seek for legal advisor (i.e accountant). The company currently in no debts, however, if what Companies House said was correct that it will take 3 to 4 months just to shut it down, then our business will be in debt by then... as we just want to get out of this as soon as possible and move on.

Also, I am wondering we (the company) are still in contract with the telephone landline and broadband company and the lease of the office (with about 4 months left). If the company gone liquidation, are we liable for the rest of the contract?

Any help would be great, we would like to spend as little as possible in resolving this problem, as the fund in the company bank account is getting low. (We will not consider bankruptcy as an option as we are only in our twenties)

thanks in advance
- Vivo

Newbie of MoneySaving and Hopefully I can save a ton.....:blushing:

Comments

  • Tallymanjohn
    Tallymanjohn Posts: 1,060 Forumite
    The reason why it can take 3-4 months is so that any outstanding debts can be resolved & it's to stop apparently solvent companies from trying to ignore invoices & balances of contracts that they know will be outstanding should the company 'fold'. I speak from experience of being nearly left high & dry by a customer who tried this on with me. Luckily, between his and my accountants I got paid, but if he'd had his way I'd have lost out.
  • ukbill69
    ukbill69 Posts: 2,790 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    All you have to do is pay the liquidation agent and he will take the company off your hands, thats why its so much money. You also have a meeting and send out to all the people you owe money, if they dont trun up on thatg day then they dont get any money.
    Kind Regards
    Bill
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    Part of the Furniture Combo Breaker
    Also depends whether you've made any personal guarantees (not unusual with bank loans and leases).
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.