Pros and cons of liquidating assets
It is also good for your creditors as a whole because it will result in a higher return than a liquidation would because the trading business is saved thereby making it more valuable and your employees are not immediately made redundant.Entering administration can take anything from a few hours to 2 weeks or more depending on your circumstances.Here's a guide for both investment advisors and potential investors themselves.
The first is an out-of-court workout, which, if successful, would allow the business to continue to operate without court supervision.
As there are such differences in the costs and implications between the three, it is well worth carefully examining which means of business closure before you decide. Dissolution (also known as ‘Striking off) This is applicable only if you have a company that has ceased trade for over three months and no longer has any assets.
Before dissolution, your company must have already paid off all its debt – this is important, as if you dissolve a business whilst debt is still outstanding, you could be held personally liable and incur considerable costs if the company has to be resurrected!
Robson Scott will carry out a free assessment as to whether your business is eligible for striking off.
We then charge £350 plus VAT to dissolve your company, dealing with the process from beginning to end.