Portland - Liquidations

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Liquidations

We have a dedicated and expert team that focuses on winding up all types of company using the available winding up procedures. These procedures are detailed here.

Creditors voluntary liquidation (CVL), where the shareholders voluntarily agree to wind up the company but there are insufficient assets to pay creditors in full.
Members voluntary liquidation (MVL), as with a CVL but where there are sufficient assets to pay all creditors in full.
Compulsory liquidation (CL), where the court orders that a company be wound up, normally following the petition of the company or a creditor seeking payment.
Striking off a company from the register at Companies House, not strictly a liquidation but an effective way to close out a dormant company

What are the key success factors to liquidation work?

Ensuring that the realisable value of assets is maximised, particularly by ensuring an early disposal of business assets before the going concern premium dissipates
Planning the timing of appointment carefully, in particular by avoiding tax pitfalls that can reduce dividends and increase guarantee liabilities
Strong and efficient processes to ensure that creditors' claims are agreed quickly and dividends distributed without delay so that costs do not erode the recovery for creditors.

Our effectiveness built up over a number of years means that we get results. Why?

Close support for the directors when initiating the liquidation
Cost effective service, optimising the return for creditors and reducing the likelihood that guarantees will be called upon
Prompt payment of dividends where appropriate and closure of the case.

Here are some examples of how Portland directors have helped clients with liquidation.

Case Studies
- Helping a major supplier minimise the effect of a customers' insolvency
  Liquidation does not only affect the company in question but has a knock on effect down the supply chain. See how we helped Tom cope with the failure of his customer.
  more...
- Maximising recoveries and eliminating personal guarantees
  Timing and careful planning are crucial to ensuring maximum realisations for creditors and personal guarantors. Often tax, finance agreements and property leases need careful attention, as was the case with Tom's contact.
  more...
- Taking some of the pressures away from the directors
  We understand that sometimes ill health and stress can accompany business failure, which can then require a more empathetic approach. See how we made arrangements for David.
  more...
- Helping a foreign company dealing with a loss-making UK subsidiary
  People based businesses always need care so that value is preserved and when the ultimate parent is based overseas the pitfalls multiply. A tailored and creative approach is needed, as we explained to Johan and Fredrik.
  more...

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