GB Insolvency specialise in assisting company directors who are faced with creditor or financial pressure. If you need to close your business, we can help. We appreciate that every business is unique and we will take your specific circumstances into account
OUR COMMITMENT TO YOU
We start by listening to you. Your circumstances are unique to you and your business. Our starting point will be to ensure that we fully understand what you want to achieve for your business.
We pride ourselves in offering a personal, non-judgemental service. We are a small team and that means you can speak to the person dealing with your case rather than a stranger.
Our advice is confidential and our staff are trained to the highest standards. Rest assured you are giving yourself the best possible chance of meeting your objectives to deal with your business.
OPTIONS FOR YOUR BUSINESS
Creditors Voluntary Liquidation (CVL)
This is a process known as a CVL, that is suitable where a company can no longer trade due to financial difficulties. The company’s operations are brought to an end and any assets held in the business are used to repay as much as possible to the creditors in the CVL.
As a director, it is important that you act early to prevent any risk of wrongful trading which can lead to personal liability for company debts from the time you ought to have realised the company was insolvent.
If you think that an CVL is suitable for you contact GB Insolvency today on 01823 216156 for obligation free advice.
Members Voluntary Liquidation (MVL)
A MVL is suitable where you have decided to stop trading the company and there are sufficient assets to repay all creditors. You could take any remaining profits as a dividend, however this can create a substantial tax bill.
If you have more than £25,000 after all creditors have been paid, this can be distributed to all shareholders via an MVL. The benefit of an MVL is that it enables capital gains tax rather than Income tax to apply, which allows significant tax savings, especially if the shareholders are higher rate tax payers.
If you think that an MVL is suitable for you contact GB Insolvency today on 01823 216156 for obligation free advice.
BUSINESS ADVICE YOU CAN DEPEND ON
GB Insolvency is a fully licensed Insolvency Practice and can advise on business closure. Our in house Insolvency Practitioner is a member of the IPA, R3 and a fellow member of the AAT.
The Insolvency Practitioners Association (IPA) are a membership body recognised for the purposes of authorising (licensing) Insolvency Practitioners (IPs) under the Insolvency Act 1986. They are the only one of the recognised bodies that focus solely on insolvency.
The Association of Business Recovery Professionals (R3) is active in raising awareness with individuals and businesses on the key benefits in obtaining financial advice and providing greater information to wider audiences.
The Association of Accounting Technicians (AAT) are the UK’s leading qualification and membership body for vocational accountants.