UK Liquidators

View Our Newsroom Launch Boosted by Rise in Solvent Company Liquidations

Industry: Business

A website dedicated to helping directors liquidate their company, backed by insolvency experts Begbies Traynor Group, has launched.

UK (PRUnderground) February 22nd, 2016 is designed to assist company directors in areas such as voluntary liquidation and also compulsory liquidation, dependent on whether the business is solvent or insolvent.

With an extensive regional team and dozens of licensed insolvency practitioners behind the website, UK Liquidators’ aims to take the strain out of company closure by offering free, independent advice from the outset and transparent guidance on how to close your company in the most cost-effective and tax-efficient manner.

Since its recent launch, UK Liquidators has already seen a surge in members’ voluntary liquidations with company directors looking to take advantage of the free initial support on offer and the low-cost methods of closing their company ahead of the entrepreneur’s rate relief changes in April.

These changes could impact heavily on directors and individual shareholders looking to extract surplus cash funds or profits from their companies. Instead of taxing surplus funds as capital, the money could be treated as income; therefore attracting a higher rate of tax and, in some cases, tripling a shareholder’s tax bill.

Andrew Tate, vice-president of the Association of Business Recovery Professionals, said the proposals, revealed in a consultation in December, were expected to trigger a “great increase in liquidations”.

Keith Tully of believes this surge in voluntary liquidations will show no sign of abating in the next six weeks.

“We’re fielding a large number of calls from company directors enquiring about solvent liquidations in light of the entrepreneurs’ rate relief changes. With less than two months to go until the new proposals take shape, directors are being advises that they will have to act pretty quickly.”

In addition to solvent liquidations, also helps directors with compulsory liquidation processes where their company is insolvent.

“Liquidation can be a complex process, particularly if it is taken out of your hands and pushed for by a disgruntled creditor through a winding-up petition. In these circumstances, things can often get quite messy. By taking the initiative and realising your company can no longer trade without worsening the position of creditors, you will be in a much stronger position when it comes to winding the business up,” added Mr Tully.

About UK Liquidators is one of the UK’s leading providers of critical solutions for companies looking to close their business. We handle hundreds of corporate insolvency appointments every year through our extensive nationwide network of 37 offices, which includes representation in Scotland, Wales, Northern Ireland and throughout England.

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Jonathan Munnery
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