Free Company Closure Options for UK Directors

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Close my Limited Company

Thinking of closing your limited company?

If you’re looking to close your company the best thing you can do is get in touch with our team first.

We can provide tailored solutions specifically for your business, and have your best interests at heart. If appropriate, we can help you to close your company the correct way and hold your hand throughout the entire process.

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Is the business a Ltd company? *

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Have you taken a Bounce Back Loan? *

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Does the business have VAT/HMRC arrears? *

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What is the total amount of debt? *

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What are my options?

If you're unsure whether closing is the most suitable route for your business, we help UK directors everyday to determine their options.

Whether your company is struggling with debt, cashflow problems, bounce back loan repayments, HMRC problems, or something else, we can help you to move forward. If not, we also assist with solvent closures.

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How to close a limited company with debts

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First name *

Last name *

Email *

Phone number *

Company name *

Is the business a Ltd company? *

Yes
No

Have you taken a Bounce Back Loan? *

Yes
No

Does the business have VAT/HMRC arrears? *

Yes
No

What is the total amount of debt? *

When is the best time to call you? *

How did you hear about us?

Message

Consent for storing submitted data *

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What to consider before closing:

Can I start a new business if I close?

Yes, usually you can start a new business after you close your company.

However, in some circumstances there may be problems when a director has committed any wrongdoing, hasn't followed the correct procedures, or has previously been disqualified.

It's best to seek advice before entering into a formal process to understand how to start a new business if you close.

How do I close a company that has never traded, or is no longer trading?

The process of closing a company that has never traded, or is no longer trading, is relatively simple, as long as:

there are no debts
no impending legal action
and it hasn't traded ever or within the last 3 months

You will need to take the following steps:

All directors and shareholders must be in agreement
Complete a DS01 form along with the £10 filing fee
Submit the form to Companies House
If there are no objections made, your company will be struck off the register and cease to exist

What does an Insolvency Practitioner do?

An insolvency practitioner is someone who is licensed and authorised to act in relation to an insolvent individual, partnership or company.

They are required to process a corporate liquidation and have several duties in their position, some being:

Distributing the realised assets and surplus funds to the appropriate parties.
Investigating any wrongdoing that may have taken place at any point throughout the life of the company.
Creating a Statement of Affairs document for the creditors. This is a financial statement explaining the business’ position in some detail.

All liquidation procedures must involve a licensed insolvency practitioner and they will manage the affairs of the process from start to finish.

What Makes us Different?

We are a free, impartial and confidential helpline that offer a unique, independent service to UK business owners.

Over 15 years experience
20,000+ Directors helped
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Unlike the Insolvency Practitioner, we are on YOUR side and have your best interests at heart. We assess all options available and help you determine the best route for your business.

60 Second Assessment

What makes The Directors Helpline different

Watch our video

Closing a company: the top 5 questions

Take our FREE 60 Second Assessment

First name *

Last name *

Email *

Phone number *

Company name *

Is the business a Ltd company? *

Yes
No

Have you taken a Bounce Back Loan? *

Yes
No

Does the business have VAT/HMRC arrears? *

Yes
No

What is the total amount of debt? *

When is the best time to call you? *

How did you hear about us?

Message

Consent for storing submitted data *

I understand how my data will be used

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Your Company Closure Experts

We answer the top questions directors ask us everyday around company closure in our short informative videos.

Close a company with debts
Close with a Bounce Back Loan
Will closing affect my personal credit?
What happens to staff in liquidation?
How do I pay for liquidation?

Close a company with debts

How to close a company with debts

If you're thinking of closing your company with outstanding debts, the usual route is through a liquidation.

It's important you do this correctly, which is why speaking to us beforehand is essential.

Request a Call

Close a company with debts

Request a Call

First name *

Last name *

Email *

Phone number *

Company name *

Is the business a Ltd company? *

Yes
No

Have you taken a Bounce Back Loan? *

Yes
No

Does the business have VAT/HMRC arrears? *

Yes
No

What is the total amount of debt? *

When is the best time to call you? *

How did you hear about us?

Message

Consent for storing submitted data *

I understand how my data will be used

Recaptcha *

Close with a Bounce Back Loan

Can I close with a Bounce Back Loan?

Yes, but the only way to do this is through a Liquidation. However, it is crucial you understand any potential implications before entering this process.

Take our 60 second assessment today.

60 Second Assessment

Close with a Bounce Back Loan

Take our FREE 60 Second Assessment

First name *

Last name *

Email *

Phone number *

Company name *

Is the business a Ltd company? *

Yes
No

Have you taken a Bounce Back Loan? *

Yes
No

Does the business have VAT/HMRC arrears? *

Yes
No

What is the total amount of debt? *

When is the best time to call you? *

How did you hear about us?

Message

Consent for storing submitted data *

I understand how my data will be used

Recaptcha *

Will closing affect my personal credit?

No. A Limited Company limits your liabilities, meaning company debts do not belong to you personally. However, directors loan accounts, personal guarantees or misuse could have an impact.

Let us assess this before you decide to close.

60 Second Assessment

Will closing affect my personal credit?

Take our FREE 60 Second Assessment

First name *

Last name *

Email *

Phone number *

Company name *

Is the business a Ltd company? *

Yes
No

Have you taken a Bounce Back Loan? *

Yes
No

Does the business have VAT/HMRC arrears? *

Yes
No

What is the total amount of debt? *

When is the best time to call you? *

How did you hear about us?

Message

Consent for storing submitted data *

I understand how my data will be used

Recaptcha *

What happens to staff in liquidation?

In an insolvency scenario, all employees are fully protected. Their notice, redundancy, holiday pay and any arrears of pay are all covered. This includes directors are above the £12,5000 basic salary threshold.

Start our FREE Assessment

What happens to staff in liquidation?

Take our FREE 60 Second Assessment

First name *

Last name *

Email *

Phone number *

Company name *

Is the business a Ltd company? *

Yes
No

Have you taken a Bounce Back Loan? *

Yes
No

Does the business have VAT/HMRC arrears? *

Yes
No

What is the total amount of debt? *

When is the best time to call you? *

How did you hear about us?

Message

Consent for storing submitted data *

I understand how my data will be used

Recaptcha *

How do I pay for liquidation?

Thinking of closing your limited company but unsure how you can pay for liquidation or where to find funds?

If you're considering closing your company, speak to our team today to assess your options.

Request a Call

How do I pay for liquidation?

Request a Call

First name *

Last name *

Email *

Phone number *

Company name *

Is the business a Ltd company? *

Yes
No

Have you taken a Bounce Back Loan? *

Yes
No

Does the business have VAT/HMRC arrears? *

Yes
No

What is the total amount of debt? *

When is the best time to call you? *

How did you hear about us?

Message

Consent for storing submitted data *

I understand how my data will be used

Recaptcha *

"If you're thinking about closing your limited company we hold your hand throughout the entire process..." Jonathan Cooper, Founder and Director

Book a Call

First name *

Last name *

Email *

Phone number *

Company name *

Is the business a Ltd company? *

Yes
No

Have you taken a Bounce Back Loan? *

Yes
No

Does the business have VAT/HMRC arrears? *

Yes
No

What is the total amount of debt? *

When is the best time to call you? *

How did you hear about us?

Message

Consent for storing submitted data *

I understand how my data will be used

Recaptcha *

Frequently Asked Questions

Why do businesses enter liquidation?

There are various reasons why a company may choose to enter liquidation, be it solvent or insolvent.

Solvent companies can afford to pay off any debt within the business. They may choose to enter a Members Voluntary Liquidation because they are retiring, or no longer intend to run the company.

Insolvent companies either cannot afford to pay off any debts within the business, or their liabilities outweigh their assets. They should choose to enter a Creditors Voluntary Liquidation to close the company. All unsecured debts are written off, such as Bounce Back Loans and HMRC debt.

There isn't a one-size-fits-all when it comes to company liquidation which is why it's always best to seek advice before entering any formal process.

Get in touch

First name *

Last name *

Email *

Phone number *

Company name *

Is the business a Ltd company? *

Yes
No

Have you taken a Bounce Back Loan? *

Yes
No

Does the business have VAT/HMRC arrears? *

Yes
No

What is the total amount of debt? *

When is the best time to call you? *

How did you hear about us?

Message

Consent for storing submitted data *

I understand how my data will be used

Recaptcha *

Can I close with a Bounce Back Loan?

Yes, but the only way to do this is through Liquidation. However, it is important you understand if there would be any personal implications for you, the Director.

Talk to the team

First name *

Last name *

Email *

Phone number *

Company name *

Is the business a Ltd company? *

Yes
No

Have you taken a Bounce Back Loan? *

Yes
No

Does the business have VAT/HMRC arrears? *

Yes
No

What is the total amount of debt? *

When is the best time to call you? *

How did you hear about us?

Message

Consent for storing submitted data *

I understand how my data will be used

Recaptcha *

How much does it cost to liquidate?

Insolvency fees range from £4k-£6k.

However, this depends on the firm you use, and the complexity of the case. There can also be hidden fees or personal implications which weren't addressed beforehand.

The Directors Helpline will assess this before entering liquidation.

Talk to the team

First name *

Last name *

Email *

Phone number *

Company name *

Is the business a Ltd company? *

Yes
No

Have you taken a Bounce Back Loan? *

Yes
No

Does the business have VAT/HMRC arrears? *

Yes
No

What is the total amount of debt? *

When is the best time to call you? *

How did you hear about us?

Message

Consent for storing submitted data *

I understand how my data will be used

Recaptcha *

What debts are written off in a liquidation?

During the process of liquidation, the liquidator sells the company assets to generate funds for the creditors. Once all creditors have been repaid (as far as funds allow), any remaining debts will be written off.

Can I liquidate a company for free?

In order to correctly liquidate a company, you need a Licensed Insolvency Practitioner, which requires a fee. Therefore, any advertisements for free company liquidation are not true.

Our guidance is completely free for you to help you understand all your options and any potential implications before you decide to enter liquidation.

Get in touch

First name *

Last name *

Email *

Phone number *

Company name *

Is the business a Ltd company? *

Yes
No

Have you taken a Bounce Back Loan? *

Yes
No

Does the business have VAT/HMRC arrears? *

Yes
No

What is the total amount of debt? *

When is the best time to call you? *

How did you hear about us?

Message

Consent for storing submitted data *

I understand how my data will be used

Recaptcha *

What happens if I can't afford to liquidate?

If your company cannot pay its debts, is insolvent, and you need to close it, then liquidating it may be the most suitable option.

However, if you can't afford a Creditors Voluntary Liquidation, there are a few things you could consider:

Sale of company assets
Personally financing some or all of the fees
Instalment plan with the liquidator
Director redundancy pay

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