Liquidation Advice

 

The Advantages and Disadvantages ...
..... of Liquidating your Company

As within anything in business, there are advantages and disadvantages to Liquidation.  The reason that Voluntary Liquidation is so popular is that its advantages far outweigh its disadvantages.

Advantages of Liquidating your Company

Debt is written off.  Any unsecured debt is written off through the process of Liquidation, including any tax liabilities.  If you want to start again, you can without the debt holding you back.

Legal Action is stopped. Due to the nature of Voluntary Liquidation, legal action is stopped as the company closes.

It has no bearing on the Directors. Directors in most cases are able to just get on with their lives, as if it had not happened.  If you want to go back into business, then you can.

Disadvantages of Liquidating your Company

You may have to buy the assets.  If you want the assets of the company then you are going to have to buy them, although this can sometimes be done in installments.

You will need a new company.  The old company will obviously be closed down, and so you will need a new company if you are intending to go back into business.

You can’t keep doing it.  If you keep Liquidating companies in quick succession, eventually someone will suggest that you may want to find a job instead.

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