Notice: Information about Vivat Direct Limited, t/a Reader's Digest
Take a look through the latest in-depth industry news as well as a range of features, insights and advice across a variety of different financial topics. Have a browse through our guides and web pages, so you can get an idea about what options might be possible and most helpful in your situation.
To wind up and close your limited company, the process depends on if the company is solvent or insolvent. Solvent companies can close via dissolution or an MVL while insolvent companies must close via a formal CVL.
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An IVA is a formal repayment plan between an individual and their creditors, allowing affordable monthly repayments But will an IVA protect your home?
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Yes, it is possible for you, as a director, to close and liquidate a company and then start a new one. A company liquidation typically has no legal bearing on setting up a new one.
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No, as the director of a limited company, in most circumstances, if your company becomes insolvent you will not lose your home.
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Directors wishing to close a company can apply for a 'strike-off’, however, if there are unpaid creditors, you could see the strike-off application rejected.
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Directors who provided personal guarantees can become personally liable if their insolvent company enters liquidation, as the guarantees then become enforceable.
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