Do you need Advice, or want to close your business?

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To help us provide a quote, we ask for a few estimates on your current company finances.

Don’t panic if you don’t have the numbers to hand; just give us your best estimates and our
team of financial experts will be able to help you gather the exact figures in due course.

Number of Creditors?


20


Amounts Owed?
Estimate how much you owe these 20 creditors.


£500K



£500K



£500K



£500K


People that are owed money

Creditors is another term for the people and organisations you currently owe money to.

These creditors may range from loan companies, to suppliers, to HMRC.

Knowing the number and type of creditors currently owed to allows us to assess an order of priority for dealing with all of your outstanding debts.

Bank overdraft / loans

We’re aware that companies in financial trouble may have one of several overdrafts and/or outstanding loan
agreements they are currently in debt on.

Just give us your best estimate of the sum total of the figures that are currently outstanding specifically in
these two areas.

HMRC (PAYE, VAT, Corporation TAX, CIS)

Many companies find that HMRC are one of the creditors they owe the most to, between factors such as their PAYE, Corporation Tax and VAT bills at certain times of the year.

If you can, try to add up all you outstanding HMRC payments and give us a general estimate.

Other individuals/companies

Whether you owe money to one individual or 100 companies, each of them can be classed as a creditor, so the outstanding debt needs to be taken into account.

These debts can include freelance employees with unpaid invoices, stock suppliers who haven’t been paid for items, or agencies who have outstanding bills for services rendered.

Value of company assets

Now for the good news! We always look to cover the costs of a Liquidation - and any repayments to creditors - by using company assets.

Assets could include property, stock, vehicles, equipment and outstanding invoices. We can provide a full valuation of each area, but for now, just select a rough estimate.

Will liquidating my company mean it doesn’t have to pay tax?

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If your company is insolvent and is placed into Liquidation (or Administration) then, along with the other debts of the company, any amount owed to HMRC for PAYE/NIC, VAT, Corporation Tax etc will also be included.

Am I responsible for paying it personally as a director?

Those carrying out the liquidation will deal with HMRC as part of the process and will ultimately advise them as to whether they will receive a distribution from the insolvent estate. To dispel a myth, when a company is placed into a formal insolvency process the directors are not automatically personally responsible for company HMRC liability. Whilst HMRC retains powers of investigation following the liquidation or administration of a company this is generally reserved for cases where there is believed to be fraudulent or irregular activities by the company and its directors and not utilised otherwise. Otherwise, the company HMRC liability will be included within the estate with no responsibility placed upon the directors personally in any way whatsoever. If you have any concerns regarding the liquidation process, then feel free to get in touch with The Insolvency Experts today. Our experts have extensive experience helping businesses that are facing debt problems, including voluntary company liquidation.

Speak to The Insolvency Experts today

For more information on liquidation, administration and comprehensive business debt advice, please get in touch with one of our expert Insolvency Practitioners today. We understand that facing financial difficulties can be a stressful experience and work to ease your burden as director. Whatever size your business, speak to a member of The Insolvency Experts today by contacting us online. Alternatively, call us directly on 0300 303 8284.

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At the Insolvency Experts we think that our service offers excellent value for money. Depending on your circumstances, our services can even end up being effectively free of charge.


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