Close my Print and Publishing Company
The print and publishing industry faces numerous challenges, with the rise of digital media significantly impacting demand for print materials. As with any business, there are also economic factors to contend with, including rising production costs and thin margins. And cash flow has always been problematic, particularly in the publishing sector, where publications are often produced before payment is received.
If these challenges have taken a toll on your print and publishing company and it’s no longer financially viable, you can draw a line under it with a Creditors’ Voluntary Liquidation. This official procedure ensures your debts are paid as much as possible while protecting you from allegations of wrongdoing.
Alternatively, your print and publishing company might be financially solvent, but you may want to retire or no longer have the passion to run it. In that case, a Members’ Voluntary Liquidation enables you to close it and extract the profits in a tax-efficient way. On the other hand, Strike Off may be more cost-effective if the company has less than £25,000 in profits or assets to distribute.
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How do I liquidate my print and publishing company?
Liquidation is a formal process that you can use to close a solvent or insolvent limited company. You can put your print and publishing company into liquidation voluntarily by appointing an Insolvency Practitioner. Acting as the liquidator, they will close it on your behalf in an efficient and legally responsible way.
Liquidate an insolvent print and publishing company
If your print and publishing company has outstanding debts it cannot pay, you can close it voluntarily using an insolvent liquidation procedure called a Creditors’ Voluntary Liquidation (CVL).
A CVL prioritises the interests of the parties you owe money to (your creditors), which is a legal requirement when your business is insolvent. The liquidator will value and sell the company’s assets and use the proceeds to repay your creditors as much as possible. As long as you have acted lawfully, any debts the company cannot pay will be written off and you will not be personally liable. You may also be eligible to claim director’s redundancy pay.
Liquidate a solvent print and publishing company
If your company can pay all its debts but you don’t want to run it anymore, a Members Voluntary Liquidation (MVL) is the most tax-efficient way to close it if it has retained profits and assets worth over £25,000.
The liquidator will sell the company’s assets or transfer their ownership to you. They’ll then distribute the proceeds proportionately according to your shareholding. You’ll pay Capital Gains Tax on all the distributions, and you may be able to claim Business Asset Disposal Relief to reduce your tax liability.
How do I close my print and publishing company via Strike Off
Strike Off is the cheapest and quickest way to close a limited company, but you can only use it if your company is solvent. You can initiate and manage the Strike Off procedure yourself, giving you complete control over the process.
Before sending a Strike Off application to Companies House, you must wind down the company’s affairs. That includes ending the payroll scheme, selling or transferring its assets, submitting a final Company Tax return, paying any debts and closing your business bank accounts. Strike Off undoubtedly has some benefits, but it’s less tax efficient than a Members’ Voluntary Liquidation if your company has assets and profits worth over £25,000.
If you’re unsure about the most suitable closure method for your print and publishing company or would like to discuss your closure options with our team, please don’t hesitate to get in touch. We offer a free, same-day telephone consultation and provide in-person advice and assistance from our offices throughout the UK.
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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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