How should you close your company down?

Published: 11/04/2023 By Hannah McCormack

With insolvencies on the rise as well as predictions pointing towards further rises continuing for the next two years, many business owners are obviously worried about the fate of their business. If sadly its time for a business to shut up shop, how is the best way to go about it?

At turpin barker armstrong we are licensed insolvency practitioners which means we are able to offer exit options that are only available to insolvency professionals. There is rarely a situation we have not dealt with, therefore we are experts in our field, ensuring we are helpful and proactive in what can be a distressing time for all involved. We can offer the following for companies who are no longer able to pay their debts, officially known as ‘insolvent companies or trading whilst insolvent’:

 Company Voluntary Arrangement (CVA)
 Creditors Voluntary Liquidation (CVL)
 Pre-Pack Administration
 Administration Order

However, we specialise in business turnaround as not all our advice leads to an official insolvency procedure, in fact the sooner we speak to a director the more chance we have of rebuilding and turning around a business that may be struggling financially.
But perhaps you have made the decision to close a solvent business, we can also provide a Members Voluntary Liquidation (MVL) , in an MVL we assist in realising assets and discharging liabilities.

We always offer a free consultation to ascertain how we could help your business, we often find after these calls it is very clear the route a company needs to go down and how we are able to offer assistance.

Call us for a free initial chat on 020 8661 7878 or pop in for a meeting or book a virtual one by emailing