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Experts In Business Recovery
What Our Clients Say
“My business was struggling, I contacted Business Solution Centre and they took all of the stress away and provide me with my options”
“The Insolvency Practitioner gave me his mobile number and told me to contact him directly at any time if I had concerns, he was true to his word and all my calls were answered and my concerns removed”
“I had one point of contact right the way through my liquidation journey. I never had to wait and listen to hold music or press option buttons to speak to my Professional Advisor”
“Polite, knowledgeable, professional and courteous”
“I honestly thought that I had failed at business, if I hadn’t sought advice, I wouldn’t still have my company”
“I spoke to Andrew Ryder, he was caring and reassuring from our first conversation”
“The decision to declare insolvency can never be an easy one, bringing with it feelings of doubt and fear. Seeking advice and taking the necessary course of action has lifted a weight off my shoulders.”
“At our first meeting they explained all of my options and the necessary steps of each. I was then able to make an informed decision”
“After providing me with my options, they suggested taking 24 hours for me to decide whether or not to engage them to work on my behalf”
“I can honestly say that Business Solution Centre took a situation which I was dreading and made it as painless as possible”
What Our Clients Say
“My business was struggling, I contacted Business Solution Centre and they took all of the stress away and provide me with my options”
“The Insolvency Practitioner gave me his mobile number and told me to contact him directly at any time if I had concerns, he was true to his word and all my calls were answered and my concerns removed”
“I had one point of contact right the way through my liquidation journey. I never had to wait and listen to hold music or press option buttons to speak to my Professional Advisor”
“Polite, knowledgeable, professional and courteous”
“I honestly thought that I had failed at business, if I hadn’t sought advice, I wouldn’t still have my company”
“I spoke to Andrew Ryder, he was caring and reassuring from our first conversation”
“The decision to declare insolvency can never be an easy one, bringing with it feelings of doubt and fear. Seeking advice and taking the necessary course of action has lifted a weight off my shoulders.”
“At our first meeting they explained all of my options and the necessary steps of each. I was then able to make an informed decision”
“After providing me with my options, they suggested taking 24 hours for me to decide whether or not to engage them to work on my behalf”
“I can honestly say that Business Solution Centre took a situation which I was dreading and made it as painless as possible”
Compulsory Liquidation
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Claim on average £12,000 redundancy
Our advice could stop creditor action
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Call us in confidence on 0800 0465 600
What is compulsory liquidation?
A compulsory liquidation is the winding up of a company by the court. A court order is required to put a company into compulsory liquidation. This process usually begins with a creditor issuing a statutory demand. If the debt is not paid with 21 days then the creditor may issue a winding up petition and a court date is set. Once the petition is served in the correct manner on the company they have a period of time to either defend the action or pay the debt. Regardless of whether the debt is paid, the court hearing still occurs. The petition can also be advertised in the Gazette where other creditors may see that a company is potentially being liquidated. This could have severe consequences on future trading.
Once in Liquidation, the company’s assets are sold and the proceeds are distributed to the company’s creditors. In all cases, the end result of liquidation is that the company is dissolved and ceases to exist as a corporate entity.
Can you prevent a company entering into compulsory liquidation?
There is a limited amount of time in which to take action to prevent being wound up by the court. The debt can be paid or the petition defended if the debt is disputed.
By entering into company voluntary arrangement or administration with the help of a licensed Insolvency Practitioner instead of waiting to be wound up by creditors and the court, you can be confident that your company is taking the best course of action. If the company enters into administration or company voluntary arrangement, it may even be able to recover and begin operating in a state of solvency again.
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How does compulsory liquidation effect Directors?
Directors do not have any control over who will be liquidator and therefore do not have the relationship needed to ask the questions which they really need to know the answers to.
If the court believes that the Directors were guilty of trading while the company was insolvent, they may order the guilty party to cover a specific debt, pay fines, or be imprisoned. The liquidator is required to investigate and ascertain whether the Directors of the insolvent company fulfilled their Directors’ duties while trading insolvent.
If you have received a winding up petition or are concerned that you might do soon, do not hesitate in contacting us today for free advice on 0800 0465 600.
Obtain your free online liquidation quote:
Free Online Liquidation QuoteAlternatively speak to our team on 0800 0465 605
There are many ways in which debt can affect a business. Lines of credit from suppliers are the lifeblood of most businesses as it allows them to purchase the required stock that they otherwise wouldn’t have been able to. If these were to cease it could have a devastating impact on production and subsequently profit.
Speak to me directly for free advice on 0800 0465 600
Andrew RyderFree Telephone Advice
Contact us today for free insolvency advice and information on our services:
+44 (0)800 0465 600
Mon-Fri: 8am-8pm
Redundancy Calculator
try our online calculator to see if you are eligible for a redundancy claim between £7000- £12,000.
Contact our team today on 0800 0465 600
Case Studies
Manufacturing
Manufacturing Mr B – Northern Ireland. The Company was a small manufacturing business incorporated in 2010. The company was profitable with staff numbers increasing with six employees working at the company in its height of trade. Contact our Insolvency Specialists...
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Construction
Construction Mr H – Manchester. The company was incorporated in 2007 and the initial start-up costs were funded by the Director in hope that these will be repaid once the company became successful. Contact our Insolvency Specialists for Free Advice Today Make Your...
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Hospitality
Hospitality Mr B – Hartlepool. The company was incorporated in 2016 by the director and the start-up costs were self-funded by the Director. The Company ran a public house in the town centre of Hartlepool and relied on the Directors contacts within the industry such...
read moreAbout Us
What makes us different is our friendly and empathetic approach. Our team of experts, combined, have over 50 years’ insolvency industry experience. That’s why we genuinely understand the impact that insolvency can have not just on individuals, but on their families.
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