Start Afresh Liquidation

If you’re facing financial challenges in your company, it can often feel like your only option is to shut down and move on.

However, early action and professional guidance can offer you another path: Start Afresh Liquidation. This could allow you to stop pressures from creditors and resolve your debts, while preparing you for a brighter future.

Understanding Start Afresh Liquidation

Through Start Afresh Liquidation, you can liquidate your current company and its assets using a Creditors’ Voluntary Liquidation (CVL). In some circumstances, and only when the work is carried out by a licensed insolvency practitioner, you can reopen the business under a new company.

This process keeps the essence of your core business intact, while allowing you to repay your creditors as much as possible and continue without the historic debt.

The Start Afresh Liquidation process

The journey closely follows the Creditors’ Voluntary Liquidation (CVL) process. Our team is here to handle the complexities of the paperwork and administration involved in the liquidation.

We begin by arranging a shareholder’s meeting to secure approval for the process. Following this, a winding-up resolution is filed with Companies House, alongside a compulsory notice in The Gazette, detailing the liquidation steps.

The liquidation process involves valuing and selling your business and its assets to cover some of the outstanding debts. In a Start Afresh Liquidation, we aim to sell these assets directly to the company’s current director(s), enabling you to reboot your business under a new entity.

After your Start Afresh Liquidation

After your CVL we’ll guide you through the intricate process of creating your new venture, commonly referred to as creating a “phoenix” company. 

There are several legal restrictions that surround creating a phoenix company. We’re qualified and experienced in this process, which ensures compliance and timeliness in establishing your new business. 

In some cases, due to the individual circumstances, we’re unable to create a phoenix company. But we’ll let you know that before we take any action on your behalf. 

Discover more about Start Afresh Liquidation by speaking to one of our licensed insolvency practitioners today.