What happens if I cannot afford to liquidate my company?

In short

Usually a creditor like HM Revenue & Customs will petition to wind the company up and it will then be put into liquidation. The are still alternatives though so please get in touch with one of our experts on 0800 331 7417.

In more detail

There are three main choices to close down an insolvency company:

  1. You pay for a liquidation.  You will need a Licensed Insolvency Practitioner like us to do this.
  2. You wait for someone else to issue a winding up petition although you may have to wait three to six months for this.  The most common creditor to wind up a company is HMRC.
  3. You use form DS01 available from Companies House.  It is not actually a liquidation but a good cheap way to strike off a company.  IT only costs £8 to do it online but you have to be careful through and follow the rules on the form.

So why do directors pay for a company to be liquidated?

If you need insolvency advice contact us early to talk through your options on 0800 331 7417 or complete the form below.

Book a free initial business review

Please enable JavaScript in your browser to complete this form.
Scroll to Top