How Do I Close My Business?

If you have decided for one reason or another that you want to close your business, here is the exact process.

Closing or selling a business is never a simple or easy decision to make, no matter the reason. There are many things you need to consider before putting anything into action and RNF Business Advisory Limited can help no matter what you decide. We are able to help discuss a business rescue plan or taking the final steps to close your business.

There are many insolvency tools available that are practical for different situations when closing a business and we wish to assist stakeholders overcome insolvency problems with pragmatic, efficient professional advice.

A Company Voluntary Arrangement (CVA) is a fantastic way to repay part or the total debt from future profits or asset sales over an agreed period of time. Pre-pack Administration is when a business is sold at market value as soon as it is placed into Administration which ensures trading continues and, when done well, has been proven to be the best outcome for all stakeholders.

Voluntary Liquidation is when a company chooses to liquidate in the correct, honest way. If it is the business or the company that is solvent, we are able to resolve the situation efficiently and cost-effectively with a tax efficient members’ voluntary liquidation. If it is you that is insolvent, you may need a creditors’ voluntary liquidation.

Creditors’ Voluntary Liquidation will put an end to the company’s life. It can also provide the opportunity for all or part of the business to be transferred to a new company at proper market value which can mean that trading may be able to continue without interruption.

Members’ Voluntary Liquidation will also end the company’s life but for companies that have assets so they are able to pay all its debts in full, including any statutory interest. It can be a tax-efficient way of distributing profits to shareholders, since distributions can be made as capital rather than as income. This option can also be used to overcome a temporary cash flow problem as long as all debts and interest are paid within 12 months.

Whichever route is identified as the right solution to closing your business RNF Business Advisory Limited will guide you throughout the process so if you require any advice, information or assistance, please contact us.

Working with you

We will work with you to explore your situation in detail and provide clear, jargon-free, honest advice. Rest assured, anything discussed with us remains confidential.

All initial consultations are free of charge and without obligation.

When you need help

Call Ruth on 01622 764 612
Call Ruth on 020 7253 7171

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Testimonials

"I found Ruth and her team to be patient and approachable as they were always at the other end of the phone to answer any questions that we may have thereby providing us with comforting assurances as much as possible. They were also frank and candid in telling us where they did not have an answer."

Mr L Company Director

"Ruth and her team helped me through a difficult time in a caring and supportive way. I know I can always go to Ruth for advice and guidance which will be given impartially and fairly for all parties concerned. This is very much an open, clear and professional relationship which I appreciate."

Mr B IVA

"I would like to re-iterate my thanks to Ruth and her staff for putting my finances back on track, so efficiently and effectively. As a now retired person, I hesitate to imagine my financial outlook had you not successfully orchestrated my IVA."

Mr S

"The most important thing about Ruth's approach is she is professional, not pompous. She is sympathetic to clients who have problems, listening and finding solutions..."

Mr M. Referring Accountant

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