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Liquidation can provide a formal way to bring the affairs of an insolvent company to an end, but it is not without significant consequences. For directors, shareholders, creditors and others connected with the business, the process can result in financial losses, disruption and lasting reputational effects. For directors facing financial difficulties, understanding the potential downsides […]
Creditors’ Voluntary Liquidation (CVL) Costs A Creditors’ Voluntary Liquidation (CVL) is the most common route for insolvent companies in the UK. It is a formal process initiated by directors when a company can no longer pay its debts as they fall due. In the UK market, the fee charged by an insolvency practitioner (IP) for taking […]
When a company enters liquidation, its ability to continue normal business operations, including entering into contracts, is significantly impacted and, at Bridgewood, we frequently get enquiries from business owners and creditors seeking clarity on this issue. We’ve compiled an overview of the legal framework governing contracts during liquidation with practical advice for stakeholders navigating this […]
When a company enters liquidation, directors often face difficult questions about their role and responsibilities. One question we get asked frequently here at Bridgewood is whether a director can resign during the liquidation process. While it’s technically possible, the implications are complex, especially in insolvency contexts. Lead Consultant and Founder, Robin, looks at the legal […]
When considering the closure of a solvent company, many directors and shareholders look to a Members’ Voluntary Liquidation (MVL) as a tax-efficient route to extract value. At Bridgewood, we often guide clients through this process and, whilst not tax advisors, we can help clients understand one of the most crucial factors: capital gains tax (CGT). […]
As a company director, it is essential to know what happens to your company’s assets during the liquidation process. Liquidation is a process of selling off all company assets to pay off debtors or creditors. The process can either be voluntary or involuntary, and it is usually initiated when a company can no longer pay […]
There are normally between 1,500 and 2,000 company voluntary liquidations each month, and it is a sad reality that many directors will find themselves needing to do this at some point. To most this will be an unknown process and the task of taking a company into liquidation can seem overwhelming, especially if directors are […]
Choosing a liquidator for your company is not an easy decision. This person will be responsible for the financial and legal aspects of winding up your business, so you need to make sure you choose the right person for the job. In this blog, we’ll discuss the questions you need to ask when appointing a […]
Liquidation is not something any company director wants to deal with. It can be a tough decision to make, but it is one that may be necessary to close your company and overcome financial difficulties. There are steps that company directors can take to prepare for liquidation and minimise the risks associated with it. In […]
As a company director, the decision to liquidate your business can be a difficult one. It can be a stressful and emotional process, but it can also be necessary to ensure that the company’s debts are paid off and its assets are distributed fairly. In this blog post, we will provide a comprehensive guide on […]
