Closure options effectively relate to liquidation of which there are two forms; compulsory and voluntary.
Compulsory liquidation is the most common corporate insolvency process and is instigated by a disgruntled creditor through the serving of a Winding Up Petition.
This is the most serious action a creditor can take against your company and matters generally escalate to this extent over a period of time where the creditor is tired of chasing payment.
Conversely, voluntary liquidation is a decision made by the company director(s). There are two types of voluntary liquidation; Creditors Voluntary Liquidation (CVL) and Members Voluntary Liquidation (MVL).
The main difference between the two centres around the company’s financial status; a Creditors Voluntary Liquidation (CVL) is for a company that is either insolvent or heading towards financial distress, whereas an Members Voluntary Liquidation (MVL) is for solvent companies where the directors are looking to close the business in the most tax-efficient manner.
You can read more about these individual liquidation services by clicking the appropriate links on the right hand side.