Company Liquidation

There are many companies that go through this procedure with Bridgestones each year, and although the thought of it and having to put those thoughts into action is a very difficult decision, we are able to guide you through the process explaining the full impact of what happens and where you can build for the future.

There are occasions when the best thing to do is to close the Company down and liquidate it, to stop pressure from trade creditors and HM Revenue & Customs. This could be for one of a variety of reasons such as:-

• Loss of market share
• Insufficient working capital
• Economic trading conditions
• Being hit by several bad debts
• Increased competition in your area
• Increase in overhead costs such as rent and rates

Liquidation may be the final end for the Company you are currently running, but it does not impact on you personally as it is the Company that is liable for the debts and not you as a director, with the exception of any personal guarantees that you may have given.

Our extensive knowledge of the procedure enables us to advise you and answer any questions you may have, prior to you making the decision that liquidation is the correct course of action.

Company Liquidation Procedure

The procedure for liquidation is as follows:-

• Contact us for discussion and advice.
• Instruct us to commence the liquidation procedure for you by signing the relevant notices. At this point Bridgestones deal with all of the Company’s creditors, taking the pressure off you. The production of notices and signing therein can be done within one day.
• Bridgestones calls a meeting of creditors.
• The Statement of affairs and company history is prepared
• Meeting of creditors is held at which a Director must attend
• Appointment of the Liquidator at the meeting of creditors
• All ongoing matters handled by the Liquidator appointed.
• Usually the procedure takes between fourteen to twenty eight days.

Your Company’s liquidation is only one of many that takes place with Bridgestones every week, each year. Although you may feel that you are on your own at the moment, we are here to help and guide you, and the best decision you can make for the Company is asking for that help.

Client Testimonials

We both can't thank you enough for all the help you have given to us. We both feel now we can get our lives back on track and look forward to a better life. You have all been brilliant. Thank you.

Latest News

• Late Payment of Commercial Debt: Avoiding Financial Crisis
  
  

  Late Payment of Commercial Debt: How to Avoid It Recent figures show an increasing number of UK companies getting into the bad habit of late payment of commercial debt, with most of them paying debts almost a month after the agreed payment schedule in 2011. The worst identified culprits ...

  
  Posted on 16 Feb 2012
  In Uncategorised | 0 comments