Most creditors will not bother coming, as they will be wasting a day’s worth of work.Some may turn up, generally it is to ask questions of the Liquidator.
We will make sure that Liquidation is the best solution for you (we do have a duty of care you know). We will need a few basic details to get the Liquidation process started.
Step 3 – We will now write to all your creditors, Typically, within 48 hours, we will let them know the situation.
The company will not exist once it’s been removed (‘struck off’) from the companies register at Companies House.
When you liquidate a company, its assets are used to pay off its debts. You’ll need a validation order to access your company bank account.
However since 1st March 2012, ESC C16 was written into tax law with a distribution limit of £25,000.
This means that if the distributions are less than £25,000 then 'capital treatment' automatically applies, however if they are in excess of £25,000 they are treated as income in the shareholders' hands.Contractors' Questions: How to take £100,000 out of a company I’m closing?Some liquidating contractors will rethink ahead of a big change to company distribution rules.Contractors, don't be outlaws like the Robin Hood directors A few not so Merry Men are compensating the Creditors of Nottingham for wrongful trading.Contractors' Questions: Does the new tax year affect Entrepreneurs’ Relief?There have been various mechanisms over the years that have allowed contractors to close their companies as tax-efficiently as possible.