Get Help with Company Closure

There are different ways to close a limited company, and the right process depends on your company's circumstances:

If your company has stopped trading and can pay its debts, you may be able to apply for voluntary strike-off, also known as dissolution.
If your company cannot pay its debts, a formal insolvency process may be required.
If your company is solvent and has assets to distribute, another closure route may be appropriate.

The important thing is to understand which situation applies to your company before you start the process. That's why we recommend speaking to us first.

We'll help you understand your situation, explain the possible routes available and make sure you know what to consider before taking action.

We're Here for You, The Director

Closing a company that has debts is a formal process, usually involving a licensed insolvency practitioner. Understanding what’s involved and choosing the right person to guide you through it is essential to avoid potential traps or unnecessary surprises further down the line.

We are a completely free, confidential service here to help you understand whether closing your company is the right option, feel comfortable with the process, and know what to expect before you take the next step.

We are approachable – You are not alone. We speak to over 900 directors every month
Transparency – We help you understand the insolvency route and what costs are involved
100% Director Focused – We support YOU and highlight anything that can affect you with closing, such as Personal Guarantees and Directors Loans
Add Value– All Directors that speak to us, feel better, have a plan and have control to enter the process.

Before Closing Your Company, Understand Your Options

It's important to understand the business's financial position and what that could mean for the closure process. If you're experiencing any of the following, speaking to us first can help you understand the right route for your situation:

You're struggling to pay HMRC, suppliers, or other creditors

Cash flow problems are making it difficult to keep trading

Sales have fallen and the business is no longer profitable

You're using personal funds to keep the business afloat

Book a free consultation with us first

We’ll take the time to understand your company, your financial circumstances, and what you want to achieve. Every business is different, so we’ll explain the available closure options and help you understand which route is most appropriate for your individual situation.

Understand your responsibilities and routes

Before making any decisions, we’ll help you understand your responsibilities as a director and identify any areas that may need careful consideration, such as personal guarantees, director’s loan accounts, or other financial obligations. Our aim is to ensure you have a complete picture, to move forward.

Take your next steps with confidence

Once you understand the best way forward, we’ll guide you through the next steps and remain by your side throughout the process. If specialist support is required, we’ll introduce you to one of our carefully selected, trusted experts who can help, while continuing to support you every step of the way.

Can I Write Off My Bounce Back Loan?

When it comes to bounce back loans, the only circumstance in which the loan can be “written off” is if your business fails and enters a formal process such as Liquidation.

If you find yourself unable to repay the loan, the PAYG Scheme is available as an initial option before considering Liquidation. It is highly recommended to seek advice from an experienced team who can provide tailored guidance based on your specific circumstances.

We can assess all your potential options and provide valuable insights to help you effectively manage the repayment or liquidation process. We can also check if there would be any personal implications ahead of the Liquidation option. Get in touch today.

Can I Close My Business With A Bounce Back Loan?

Yes, you can close a Limited Company with a Bounce Back Loan through the process of Creditors Voluntary Liquidation.

However, it’s important to seek trusted guidance first, as closing a Limited Company with a Bounce Back Loan could have serious consequences to you personally. The Bounce Back Loan debt belongs to the Limited Company, not the Director personally, but there are certain circumstances (such as misuse) where you, the Director, may still be liable for repaying the loan even if you close your Company.

If you’re unsure where you stand, our Business Health Check can provide a confidential overview of your company’s position and highlight any potential risks before you take action. We can also provide you with tailored debt advice to help you navigate the complexities of closing your company with a Bounce Back Loan.

We can help you understand your options and the personal implications so you can choose a solution that works best for both you and your business.

If You Need Urgent Help, Get In Touch With Us Today

Speak to Jonathan and the team today to discuss your business needs.

Book A Call

Frequently Asked Question

Have a question? We're here to help!

Can I close my limited company if it has debts?

Yes. The right option depends on your company’s financial position, the level of debt, and who you owe money to. We can help you understand whether closure, restructuring, or another solution is the most appropriate route.
Will I be personally liable for my company’s debts?

Not always. Limited liability usually protects directors, but personal guarantees, director loans, or certain director actions can create personal responsibility. We can help you understand your position and any potential risks.
How much does it cost to close a limited company?

The cost depends on your circumstances and the closure route required. Some companies may qualify for a simple strike-off, while others may need a formal insolvency process. We’ll explain your options and any associated costs during a free, confidential consultation.
How long does it take to close a limited company?

The timeframe depends on your company’s circumstances and the route chosen. We’ll guide you through each step and help you understand what to expect.