Close my Events Company
Despite the rise of virtual and hybrid options, in-person events remain popular, which is positive news for the industry. However, profitability in the events sector is typically low, with the rising cost of venues, staffing and materials putting pressure on companies to deliver quality events within tight budgets.
If these challenges have led to a financial decline in your events company, it might be in everyone’s best interests to close it down. In that case, a Creditors’ Voluntary Liquidation (CVL) helps you meet your legal duties as a company director and ensures its debts are paid as far as possible.
On the other hand, the company may be fine financially, but you may want to retire and have no one to carry the business on or be looking for a new challenge. In that case, a Members’ Voluntary Liquidation (MVL) is usually the most tax-efficient way to close it if you have more than £25,000 of retained profits and assets.
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How do I liquidate my events company?
Liquidating your events company brings it to an efficient and responsible end. You must appoint a licensed Insolvency Practitioner to administer the procedure on your behalf. They will take control of the company and ensure everything goes smoothly.
Liquidate an insolvent events company
If your business cannot pay its debts when they’re due, you can close it voluntarily via a Creditors’ Voluntary Liquidation. Acting as the liquidator, the Insolvency Practitioner will wind down its affairs and maximise the return for the creditors.
To do that, they will value and sell the company’s assets, use the proceeds to repay the creditors in a strict order and write off any debts the company cannot pay. You may also be eligible to claim director’s redundancy pay.
Liquidate a solvent events company
If your company can pay its debts in full and has valuable assets and retained profits to return to the shareholders, a Members’ Voluntary Liquidation is usually the best closure method.
In this case, the liquidator will sell the company’s assets and repay any debts before distributing the remainder among the shareholders. If you want to keep company assets, the liquidator can transfer them to you in their physical form. You’ll pay Capital Gains Tax on the distributions, but you may be able to claim Business Asset Disposal Relief to reduce how much you pay.
How do I close my events company using Strike Off?
If your solvent events company has retained profits and assets worth less than £25,000, the most cost-effective way to close it will likely be via voluntary Strike Off rather than liquidation.
You can administer the Strike Off procedure yourself, so there are no professional fees to pay for a liquidator. You will have to end the business’s contracts, make staff redundant and sell or transfer company assets away from the company. You can then submit a Strike Off application, and as long as there are no objections, your company will be removed from the Companies House register after around two months.
At Company Closure, we advise you on the most suitable method to close your business and guide you through the process from start to finish. We offer free, same-day phone consultations and in-person support through a network of offices around the country. Find out more about your company closure options and get in touch to discuss your circumstances with our team.
25,000+ Company Directors Supported – Partner Led Service
At Company Closure we have a nationwide team of licensed insolvency practitioners and company closure experts here to help you understand your options. Whether your company is solvent or insolvent, there is a closure method out there to suit you.
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