Close my Construction Company
Although construction has enjoyed a period of growth since the coronavirus pandemic, labour shortages, payment delays, and the rising costs of materials all make operating in this industry extremely challenging.
If your construction business has suffered a financial decline and is insolvent we can help you enter a process called Creditors’ Voluntary Liquidation (CVL). This is an official procedure that ensures creditors receive as high a return as possible, and it also protects you from potential allegations of wrongdoing.
You can also close your construction business via liquidation if it is solvent. This is a different process called Members’ Voluntary Liquidation (MVL) and it offers significant tax advantages. If your retained profit levels are lower than £25,000, however, a further option to close your company is voluntary strike-off.
What Our Clients Say
How do I liquidate my construction company?
Liquidation ultimately results in your company closing down and may be suitable if your business has debts or it is solvent and can repay all of its liabilities.
Liquidate my insolvent construction company
If you want to close your construction company but it has debts, an official process called Creditors’ Voluntary Liquidation (CVL) offers you the opportunity to close whilst also prioritising your creditors as required by insolvency law in the UK.
The office holder liquidates your business assets and uses the proceeds of the auction sale to pay creditors as far as possible – any remaining debts are written off. Although the reasons behind the company’s failure are investigated, the fact that you have prioritised your creditors can minimise the likelihood of misconduct accusations being made.
Liquidate my solvent construction business
After establishing that your business can pay all of its creditors you need to appoint a licensed insolvency practitioner to carry out a Members’ Voluntary Liquidation, or MVL. Company Closure has extensive experience in helping directors to take advantage of the tax efficiencies offered by this process, and extract the maximum profit from their businesses.
The IP sells or transfers ownership of the company’s assets as appropriate and makes a distribution to shareholders. Distributions made from an MVL are subject to Capital Gains Tax (CGT) and you can lower your tax liability further if you are eligible to claim Business Asset Disposal Relief (BADR).
How do I close my construction company via strike-off?
Company strike-off, also known as company dissolution, offers you another way to close your construction firm but you must administer this procedure yourself. It is an informal method that is only applicable to solvent businesses.
Company strike-off involves winding down your business affairs by selling or disposing of all your company assets, ending your payroll scheme, and informing HMRC and Companies House of your intention to close. It is an inexpensive option if the circumstances are right.
Our team are specialists in company closure and will help you to close your construction company in the most suitable manner. Company Closure offers free, same-day consultations and works from a nationwide network of local offices so you are never far away from our professional support.
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.
Call our team of licensed insolvency practitioners today:
