Close my Haulage Company

Shaun Barton

Shaun Barton | Company Closure Expert

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Close my Haulage Company

The haulage sector plays a vital role in maintaining a healthy economy, keeping goods flowing and transactions moving towards a positive conclusion. It supports many other industries, including manufacturing and retail, but haulage companies are facing closure as a result of a multitude of challenges.

The importance of accessing reliable independent professional advice under these circumstances cannot be understated. It ensures that company directors do not breach their legal duties, as these duties change when a limited company becomes insolvent.

Fortunately, the UK offers robust statutory procedures that protect creditors from unnecessary financial loss and directors from inadvertently failing in their legal obligations. The key is to obtain advice at an early stage rather than to continue trading and risk misconduct allegations further down the line.

Why might haulage companies need to close down?

Driver shortages and the increasing cost of fuel are just two issues facing the haulage industry today. The shortage of drivers restricts a firm’s ability to operate to its full capacity and provide a reliable service to their clients.

Fuel costs have also soared in recent times and place a significant financial burden on businesses that may already be struggling. It is not surprising, then, that some haulage firms are closing due to severe financial distress.

On a more positive note, a director may want to close their haulage business so they can retire or engage in a new venture, or maybe the business has simply run its course. So what are the options when a company is solvent and insolvent?

Company Closure For UK Directors

Thinking about closing your company? Let us talk you through your options.

How to close an insolvent haulage company – Creditors’ Voluntary Liquidation (CVL)

Creditors’ Voluntary Liquidation is a statutory procedure that directors can initiate. It enables them to prioritise their creditors’ interests and also protect themselves from accusations of wrongdoing.

A licensed insolvency practitioner (IP) is appointed to carry out the procedure, which involves selling business assets for the benefit of creditors. Directors can be reassured that they are acting correctly and fulfilling all of their legal duties by entering CVL.

Our team at Company Closure can provide the independent professional advice needed when operating a company close to insolvency, or indeed one that is already insolvent.

Closing a solvent haulage firm – Members’ Voluntary Liquidation (MVL)

If a company is solvent and its financial health is not in question, the directors can close it down using another formal liquidation process called Members’ Voluntary Liquidation, or MVL.

Again, a licensed IP must conduct the procedure, which also involves selling business assets but in this case the proceeds are distributed amongst members. MVL can be extremely tax-efficient as distributions are subject to Capital Gains Tax (CGT). A further benefit is that a member’s tax liability can reduce further if they are eligible to claim Business Asset Disposal Relief (BADR).

Need to speak to someone?

With multiple offices across the UK and a vastly experienced team of business closure experts, you are never far away from the advice you need. Our Licensed insolvency practitioners provide free consultations to all directors and shareholders, and can quickly ascertain which closure method is best for your business.

We are licensed by recognised professional bodies and have helped thousands of directors over many years. Contact us today for your free company closure consultation.

Professional support to the UK haulage sector

Company Closure offers free and confidential director advice on the different closure options and provides specialist support to the haulage sector. We operate a broad network of offices around the country, so please get in touch today to arrange a free, same-day consultation.

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