Bridge Newland are a leading liquidation company in the UK.
Currently the vast majority of our trade is assisting directors and shareholders to complete their solvent or insolvent liquidations. Therefore if you need a company liquidation, you have come to the right place.
Below is a summary of how the insolvent liquidation process works, however if you require a solvent liquidation, to complete a distribution of your cash funds then visit here for our Solvent Liquidation Page.
How to Liquidate My Company / Liquidating a Company
If you have done the research and you consider that the best solution for your company debt problems is to place your Company into Liquidation, then your next question will be “How do I Liquidate my Company?” and the answer is pretty simple, a liquidation advisor is required.
Liquidation Advisor required
You, or your creditors, cannot place your Company into Liquidation without a licensed insolvency practitioner (“IP”) or the official receiver (“O.R.”), as these liquidation specialists are the only persons with the correct qualifications allowed to handle a liquidation case. Therefore, you can’t Liquidate your own Company.
How to put my Company into Liquidation / Putting a Company into Liquidation
The next point is with regard to how the process is handled.
To put your Company into Liquidation can be done by a winding up petition from your creditors, in which they pay the costs of the petition, then a court hearing is held and the O.R. (or sometimes an independent Liquidation Advisor) is then appointed to handle the Liquidation; or
If being done voluntarily, such as through an IP like us, it requires the directors signing the initial instructions and notices, sending the notices to the creditors (of the liquidation meetings) and then holding the liquidation meetings, where the financial info is considered and the liquidation confirmed. This will typically be over the course of 3-5 weeks but can be as soon as 1-2 if there is a requirement to get the liquidation through at short notice.
For full details of the voluntary liquidation process for insolvent companies see here for our insolvent liquidation page.
How to put my Company into Administration / Putting a Company into Administration
Like above a licensed insolvency practitioner is again required and for the administration process, court filings and often court judges, are also required to put a company into administration.
There are a number of different variances for putting a company into Administration based on whether there are charges registered against it, whether it is in a CVA or if it has received a winding up petition however the 2 most common procedures are:-
- File notice of your intention to place the Company into administration at court, serve notice of this filing with various parties then file a 2nd set of paperwork at the court confirming the admin (once either approvals or notice periods have lapsed); or
- Complete a detailed application bundle proving one of 3 objectives to which ask for the outcome to be bettered than the alternative processes, then present the application to a court judge who make a decision on the suitability of the admin at a hearing.
Therefore although the process can on occasion happen more quickly than in liquidation, it is often considered more complex due to the requirement to serve various parties, the detailed application requirements and the need to gain favour from a court judge.
More detail on administrations generally can be found here on our company administration page.
If you would prefer to speak to one of our advisers about any of the above then please feel free to call us on 0800 612 6197 or click the button below to fill out a contact us form.