No Asset Liquidation
When your company is insolvent and struggling to settle debts with creditors, the financial strain is often compounded by the prospect of covering liquidation fees.
A No Asset Liquidation offers a tailored solution for companies grappling with this precise challenge, providing a streamlined process for those with minimal or no assets to liquidate.
What is a No Asset Liquidation?
A No Asset Liquidation uses a voluntary, insolvent liquidation process, which is known as a Creditors’ Voluntary Liquidation (CVL). It’s a structured, legal approach to winding down your business.
If you’re facing serious company debts and you’re concerned about your creditors taking action, this method is often less daunting and stressful than facing a compulsory liquidation prompted by these creditors.
A fixed-fee liquidation
We understand that it seems impossible to liquidate a company that doesn’t have significant assets. In this situation we can organise a No Asset Liquidations at a fixed fee.
This approach is designed to keep your costs manageable and allow for a smoother transition through the liquidation process. Our team will discuss your situation in detail, enabling us to offer a clear, upfront fee arrangement.
The No Asset Liquidation process
Our licensed insolvency practitioners will guide your company through the entire liquidation process.
This includes obtaining necessary approvals from shareholders, managing official submissions to Companies House and The Gazette, and handling all required meetings and communications with creditors.
Our goal is to facilitate a smooth and efficiently managed liquidation, providing much-needed relief and support throughout this challenging time.
To find out if a No Asset Liquidation is the right path for your company, speak to one of our licensed insolvency practitioners today.
Other services we offer
Compulsory Liquidation
Compulsory Liquidation is the court-ordered liquidation of a company. It’s generally a last resort initiated by a creditor who want to get their money back.
Members’ Voluntary Liquidation (MVL)
A Members’ Voluntary Liquidation (MVL) is an easy way to close a solvent business. Any assets are quickly liquidated and the cash distributed tax-efficiently.
Start Afresh Liquidation
This service is unique to FA Simms. We enter an insolvent company into Creditors’ Voluntary Liquidation (CVL) but use it as a business rescue process. The director of the company purchases its goodwill and assets to go forward and trade within a new company.
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