We help company directors with insolvency, liquidation and financial issues.
Is your business struggling with debts and you are seeking the best way forward? We focus on you, the director. Our priority is to protect you, your assets, and your company.
- Free initial consultation
- 100% confidential
- We work for you – the Director
- Protect your personal assets
- Tailored plan unique to your situation
Book a Free Consultation
Company in debt? Why you should talk to Coopermurphy today
Director-focused advice and solutions
We’ve helped 1000’s of directors
100’s of reviews with 5/5 rating - best in UK
No obligation conversion - nothing to lose
Absolutely 100% confidential
We’re here to help you, the Director.
At Coopermurphy we have over 50 years of experience providing insolvency, liquidation and company debt advice to business owners.
We understand how challenging it can be when dealing with financial difficulties within your business. It’s easy to ignore the problem and hope that it disappears, but this is often the worst thing you can do.
Our dedicated team is here to provide honest, valuable advice to help UK company directors.
No case or circumstance is the same, but I can guarantee that my team and I are here to give you the best advice.
Contact our friendly team for a 100% confidential, no-obligation consultation today.
Our focus is on you, the director - not your creditors.
We completely understand the emotional anguish company directors like you face when considering the future of your company – and the knock-on impact this can have on your personal life.
Our expert team will outline all of your options in a jargon-free, easy-to-understand way and advise you and your business on the best route forward – with the goal of protecting you and your personal assets.
Contact us for a confidential, no-obligation conversation.
Our focus is on you, the director - not your creditors.
We completely understand the emotional anguish company directors like you face when considering the future of your company – and the knock-on impact this can have on your personal life.
Our expert team will outline all of your options in a jargon-free, easy-to-understand way and advise you and your business on the best route forward – with the goal of protecting you and your personal assets.
Contact us for a confidential, no-obligation conversation.
Company in debt? Bespoke advice is critical.
We can advise you on how to close the company down in a legal and structured manner or how to potentially start your business again.
If you’re struggling with company debts, talk to us now, before you do anything else.
- Don’t put more money into your business
- Don’t take more credit on
- Don’t make your people redundant
- Don’t borrow any more money.
Company in debt? Bespoke advice is critical.
We can advise you on how to close the company down in a legal and structured manner or how to potentially start your business again.
If you’re struggling with company debts, talk to us now, before you do anything else.
How we help company directors facing difficulties
Liquidation and Company Closure
If you’re considering liquidation, then first things first, you have our sympathies.
Director's Loan Accounts
Before you enter into any insolvency proceedings you need to check you director’s loan.
Bounce Back Loan or CBILS ?
Before you enter into any insolvency proceedings you need to check you director’s loan account.
We help company directors with insolvency, liquidation and financial issues.
Is your business struggling with debts and you are seeking the best way forward? We focus on you, the director. Our priority is to protect you, your assets, and your company.
- Free initial consultation
- 100% confidential
- We work for you – the Director
- Protect your personal assets
- Tailored plan unique to your situation
Book a Free Consultation
The exact liquidation cost will depend on the size of your company and the position you are in, a small liquidation is likely to cost around £4000 to £6000 + VAT. A voluntary liquidation for a small business is typically one where only a handful of company creditors are involved such as the bounce back loan and HMRC. The more creditors involved in your liquidation process, the higher the overall cost due to there being more work for the insolvency practitioner to carry out.
When entering a company voluntary liquidation, you will need to appoint a licensed insolvency practitioner. Insolvency practitioners are responsible for dealing with a company’s creditors, selling your company assets, if there are any, and distributing any funds raised to creditors. They are also going to be reviewing the director’s conduct leading up to the point of liquidation.
Before you select a licensed insolvency practitioner, make sure that you work with them to understand if you have an overdrawn directors loan and if they believe there have been any preference payments made prior to liquidation. Then get everything down in writing from them including what the cost to liquidate will be, this is called the statement of affairs fee and if there are any overdrawn loan accounts, intercompany loans or preference payments that have been uncovered, how is the insolvency practitioner going to deal with them. It is always best to have these difficult conversations upfront so there are no nasty surprises down the line. Remember, make sure that you negotiate a settlement with an insolvency practitioner before you appoint them.
At Coopermurphy, we often receive questions from company directors around various quotes they’ve received for the costs of liquidation. Some quotes are lower than the average and others can be much higher. In the past, we’ve advised company directors who have significantly overdrawn director’s loan accounts who unfortunately have chosen to appoint the liquidator with the lowest cost. This has led to further issues and the director being personally pursued for the whole loan account.
We would advise you to be wary of cheap liquidation costs and also ensure that your liquidator has looked into any potential issues that could arise, such as an overdrawn director’s loan, intercompany loans or preferential payments. Before entering liquidation, we aim to assess these factors so that there are no nasty surprises further down the line. This is all included in our no obligation advice.
- The collection of important financial information and relevant paperwork throughout the process
- Production of liquidation papers
- Organisation of a creditors meeting
- Creditors are informed of the liquidation
- Staff are made redundant
- All creditors and queries will be dealt with
- An investigation into the director’s conduct will be completed
- Any money will be distributed to creditors
- Reports will be prepared and issued
If you’re already struggling financially, chances are you are probably already worrying about how you will be able to afford a liquidation, but don’t panic, there are pricing options available. A Creditors Voluntary Liquidation (CVL) involves you initiating the liquidation rather than being forced into it. Your director’s responsibilities require you to seek insolvency advice as soon as your limited company becomes insolvent. If you choose to close your limited company through a CVL, these are your payment options:
Company funds – any money left over from your company.
Company’s assets – the sale of any company assets including equipment and other items. Alternatively, you may be required to sell personal assets.
Personal savings – a director may choose to cover the costs of liquidation themselves to avoid legal action and reduce the chances of the company being forced into liquidation by creditors.
Director redundancy – if you are eligible for director’s redundancy pay, you may use this. The average pay out is £9000 which will definitely help towards your liquidation.