www.company-debt.co.uk

[ibrooks]

I have a small company I wish to close down and retire, as I am not getting any younger! Hopefully you can tell me in simple terms what I need to do

[Derek Cooper]

Hello,

Your options here depend on whether the company is solvent or not.

If the company is solvent a members voluntary liquidation (MVL) is used where the directors and shareholders decide that the simply want to stop trading. The assets of the business are sold and all creditors are paid in full. Any remaining proceeds are divided between the shareholders.

If the directors and shareholders decide that company is insolvent and has to close because it is unable to pay its debts, then a creditors voluntary liquidation (CVL) is used. Assets are sold and divided between the creditors although they will rarely be paid in full.

more details on this site at http://www.company-debt.co.uk/voluntary ... ation.html
It is quite an easy process that we can help you with.