Compare Options
Cost
No Creditors
Company insolvent with creditors
Risk of disqualification and personal liability
No assets and liabilities over £10k
Timeframe
Can creditors Object to the process?
Must keep certain business records
Company can be restored to Register
Redundancy claims
Dissolution
£8 to £1000 +
Option
Option with risks
Yes if creditors
Less appropriate
3 months or much longer if objection raised
Yes
Must hold for 7 years (possibly longer)
Yes, by any creditors and others
No
Creditors' Voluntary Liqudiation
Starting price normally around £3k+
Not an option
Option with risks
Yes
More appropriate
As little as 10 + days to start the liquidation
No
Can be handed over to liqudiator
Yes, but happens rarely
Yes
Compulsory Liquidation
No cost where a creditor applies
Rarely an Option
Option with risks
Yes
More appropriate
Normally 2-3 months once proceedings started
No
Can be handed over to liqudiator
Yes, but happens rarely
Yes