Company liquidation
A business can be wound up in several ways — by liquidation, through bankruptcy or by transferring the company. We assess your situation, suggest the most suitable route and prepare all the documents.
Three ways to wind up
Which way suits you depends on the company’s assets, debts and whether it could still be valuable to another owner. It is worth looking at the numbers before deciding.
- Liquidation — the fast and cheapest way when the company has settled with its creditors
- Bankruptcy — when debts exceed assets; also possible out of court
- Transfer — when the company has no debts and is of value to a buyer
How the options differ
Liquidation
No court or administrator needed. A liquidator is appointed, creditors are paid, a liquidation balance sheet is drawn up and the company is deregistered. Duration — from a few months.
Bankruptcy
Applies when the company is insolvent. Possible out of court if the creditors agree. We assess the risk of the manager’s personal liability and how to avoid it.
Transfer
If the company has no debts, a good reputation and a history — it can be sold. We prepare the transfer documents and help find a buyer.
What we need for the assessment
After reviewing these documents we will tell you which option suits you best, how long it takes and what it costs.
- Balance sheet and profit and loss statement
- List of creditors and debtors
- Information on employees and current contracts
- Extract from the Centre of Registers and the articles
Need advice on closing a company?
Send us the balance sheet and the list of creditors — we will assess the situation and propose a solution.
