FAQ’s

No – it is 100% backed by the government.

The limited company is firstly responsible for repaying the bounce back loan. If it is unable to, then you would need to liquidate your company in order for the bank to claim back from the government. A Liquidator will review how it was spent and applied for.

Talk to our friendly team for more information.

Call us sooner rather than later. We can advise if the Company is able to repay these over time and can help with negotiating a time-to-pay plan with HMRC on your behalf. The sooner you act, the more likely HMRC are to help you.

If you are struggling paying the HMRC payments – please contact our friendly team as we can help you.

The fees of a liquidation vary depending on the case and level of work that needs to be undertaken. Here at Affordable Liquidators, we always offer an open and upfront fee, and there are never any hidden costs you would be personally liable for.

Contact our team for a bespoke quote on how we can help you.

Absolutely yes! There are no restrictions on directors on liquidated companies acting as directors of other/new companies.

Contact our team to discuss your specific business and how we can help you.

There are a few “tests” that would determine if your business is insolvent (or not).

• Creditor has issued a demand for a debt that the business cannot afford to repay
• Payment to HMRC are being made late, or not being made
• The company is struggling with cashflow and is unable to pay invoices by the due date
• There isn’t enough funds in the bank account to pay staff wages

If any of these sound familiar, talk to our team for a free, no-obligation call about how we can help you.

A licenced insolvency practitioner is needed to place a limited company into a liquidation procedure. The directors and shareholders may appoint an insolvency practitioner of their choice in a voluntary liquidation scenario. Once appointed, the insolvency practitioner will take control of the Company, including all creditors communications.

When a Winding Up Petition is issued against a Company, it is the commencement of the process known as compulsory liquidation. A Compulsory Liquidation is a process where an Official Receiver (government official) iis appointed as Liquidator of the Company, The directors have no control over the process and of all the Insolvency Procedures, compulsory liquidation is commonly knows as the least favourable for many reasons.

Don’t worry – there’s still time to help you!

If your company receives a winding up petition, in order to avoid the compulsory liquidation if possible you should contact Affordable Liquidators immediately as your options are significantly reducing the longer the matter is left unresolved.

It is possible to avoid compulsory liquidation depending on the specific details of the case, however it is imperative to act quickly.  Contact Affordable Liquidators today if you have received either a CCJ or winding up petition to discuss further.