Start Afresh Liquidation

1
Start Afresh Liquidation
2
Start Afresh Liquidation

• As the director of an insolvent company, it might
  seem like you have little option but to close
  your company and walk away. But if youre
  proactive and seek help as soon as you realise
  your position, we can give you another choice in
  the form of a Start Afresh Liquidation. 
• This process means you can leave the stress of
  coping with creditors and unmanageable debts
  behind and set yourself up for a better future. 
• Whats a Start Afresh Liquidation?
• While its unlawful for your business to continue
  trading when you know its insolvent, a Start
  Afresh Liquidation allows you to keep your core
  business by liquidating your current company
  using a Creditors Voluntary Liquidation
  (CVL) and creating a new one.

3
What happens in a Start Afresh Liquidation?
A Start Afresh Liquidation is a formal process
that needs to be managed by a licensed insolvency
practitioner, who will act as the liquidator and
take control of your company throughout the
liquidation.  In this type of liquidation,
youll need to go through a standard CVL first.
As our client, well make sure the paperwork and
admin that comes with the liquidation is dealt
with for you. Our first action is to call a
shareholders meeting so you can get their
approval for the liquidation. Once you have this
approval, well send a winding-up resolution
to Companies House to tell them of the
liquidation. Its also compulsory to send a
notice to The Gazette. You can read about this
process in more detail here.  As part of the
liquidation well value and sell your business
assets. This is to raise funds to pay back some
of its outstanding debts. In the case of a Start
Afresh Liquidation, these assets are sold to the
companys directors so that you can continue your
business as before. .
4
What happens after a Start Afresh Liquidation?
After the liquidation, well guide you through
the process of starting a new company to house
your business. This new company is known as
a phoenix company. There are a number of
restrictions surrounding the setting up of a
phoenix company. Well make sure everything is
done in the right way and at the right
time.  Speak to one of our licensed insolvency
practitioners to find out if liquidation could be
the right solution for your company.  For more
information visit https//www.liquidation.co.uk/

5
https//www.liquidation.co.uk/