Seeking Voluntary Liquidation Advice

[AberdeenNicky]

I've been reading the thread about liquidation when the company cannot pay its creditors.

Myself and my partner are both directors of a company that we wish to voluntary liquidate. This would be an MVL, as we are currently solvent.

We have 2 contracts (Vodafone and Virgin Media) which run until March/April. We are hopeful that we can pay the outstanding contract in one lump sum payment, but not sure if this will be possible. Does anyone have any experience of this?

We also have a VAT bill due too.

We have funds in the bank to pay these, but are unsure of what to do next.

From Spongebob's replies in another thread (about liquidation when the company cannot pay its creditors) it looks as though we would cease trading and write to our creditors, just as the insolvent companies do. Is that correct?

We usually have, in the past, given our accountant our accounts to process into the format required by CH, but we can't afford that. So any advice on that front would be appreciated.

Thanks in advance for your help

Nicky

 

[AberdeenNicky]

Just bumping this in the hope that someone can help with some advice.

Really would appreciate it

Thanks

 

[scothost]

As I understand it, and it may help in that my info prompts someone to say otherwise:

loosly, you advice companies house, fill out the forms required, ensure all bills are paid, and there is a period I am sure that you must remain trading if you like but not carry out any business, in effect lay dormant for a period before it can then be closed officially.

As I say, loose explanation...

 

[scothost]

Found this on the web:


The form is 652a - after the section of CA 1985, which still applies - and there is no declaration that the company has no assets or liabilities. The actual declaration is: "In the past three months the company has not:

- traded or otherwise carried on business, or changed its name;
- disposed of for value any property or rights which it would have disposed of for value in the normal course of trading or carrying on business; or
- engaged in any other activity except for the purpose of making this application, settling its affairs or meeting a statutory requirement.

This company is not the subject of, nor the proposed subject of, insolvency proceedings or a section 425 scheme."

The problem is the requirement under s.652b(6) that:

"Copies of this application must be sent to all notifiable parties i.e. creditors, employees, shareholders, pension managers or trustees and other directors of the company within 7 days from the day on which the application is made."
So, you cannot just cut and run, but why not try the 652a application, send the unpaid creditors copies and see if they object.

 

[David Griffiths]

Are you doing Creditors or Members Voluntary Liquidation?

Don't hold your breath. The OP hasn't been on here for more than three months.

Or have you just dredged up an old post to post a link to your site?