Once you’ve decided to enter CVL, a notice is sent to all shareholders and creditors. The liquidation process involves valuing and selling your company’s assets at auction to release funds for creditors.
Once the liquidation is complete the company name is removed from the register and the business is permanently closed. An investigation also takes place to ensure that no misconduct led to the company’s decline.
As you’ve protected your creditors’ interests by voluntarily placing the company into liquidation and seeking professional assistance, however, the likelihood of misconduct allegations is minimised.
Company Closure can provide further advice on how to close your company if it has no money. We offer free consultations and can quickly guide you to the most appropriate process.