Struggling with financial difficulties?
Summary & key takeaways
- The liquidation of an indebted LTD company is handled by a licensed Insolvency Practitioner.
- Once liquidation starts, creditors, including HMRC, cannot demand repayment of old debts.
- Directors can keep acting as directors and start a new company in the same sector.
- Employees can recover unpaid wages from the National Insurance Fund.
Being pursued by creditors, bailiffs and HMRC for unpaid bills and taxes?
Do you need help, a consultation with a specialist, but worry you won’t understand everything?
Polaccount Ltd works with a respected, independent British firm specialising in the reorganisation of businesses facing financial difficulties and in the liquidation processes of limited liability companies.
Our partner (Insolvency Practioners) has experience with the insolvency of Polish-owned companies registered in the United Kingdom. Directors feel comfortable when they can discuss all insolvency matters in their native language.
The liquidation process of a limited liability company is established under UK law. The liquidation process begins with a meeting of the company’s directors, who decide to liquidate the company, and ends with a meeting of the creditors. These meetings usually take place at the offices of the firm handling the liquidation, the British equivalent of an insolvency trustee.
What are the advantages of a liquidation initiated by the company’s director:
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The debts of a company in liquidation are handled by the Polish equivalent of an insolvency trustee (Insolvency Practitioner).
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Creditors, including HM Revenue & Customs, cannot demand that the company repay old debts, because they are subject to the liquidation.
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Directors can continue to act as company directors in the UK.
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Directors can set up a new business in the same area or sector.
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Directors can make an offer to buy the company’s assets if they wish.
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Employees, including the director, if they were on the payroll, can make a claim from the National Insurance Fund for unpaid wages, holiday pay, pay for the notice period and redundancy payments.
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The company can free itself of its leasing obligations.
This process is a lifeline for businesses, which can start their activity afresh and free of obligations.
If you need professional advice in Polish, contact us on: 0208 764 64 11 or 0208 767 27 96
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