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Avoiding Confusion during Business Voluntary Liquidation

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There are a great number of things you need to know before jumping into Business Voluntary Liquidation. Of primary concern is the fact that the UK has very strict rules and regulations mandated by law concerning how and when a business may choose to wind down. Those laws also govern who has the right to enter into a resolution to dissolve the company as well as who has rights during the process. As well, there are different types of voluntary liquidation depending on whether or not the company is believed to be solvent at least five weeks prior to the adoption of a resolution to liquidate.

One of the things a business owner or board of directors should do is to seek business voluntary liquidation advice prior to commencing with the process. Certain procedures must be followed such as when and how to post in the Gazette as well as how many local papers the resolution must be filed in. According to the Companies Act 2006, this is usually accomplished with a special resolution under which the company voluntarily enters into liquidation (winding up). Along with notice posted in the papers, it must also be filed with the Registrar within 15 days of the declaration and special resolution agreed upon during the general meeting.

Business voluntary liquidation help can be sought either online through R3, The Companies House (UK government website) or from more than 2000 registered Insolvency Practitioners in the UK. Bear in mind that laws governing liquidation may be (and probably are) different depending on where the business is registered. For instance, Wales and the UK follow like procedures while Scotland and Northern Ireland have their own governing laws. If you are looking for a qualified Business Voluntary Liquidation Service and are not sure where to turn, either of the above government agencies can provide help in finding a service or you could check with a licensed business recovery company.

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