If your company is in trouble, you still have options. And you are not alone.
Clear, honest guidance on every path, then a free, confidential introduction to the right expert for your situation.
We cover: HMRC & VAT arrears · Liquidation (CVL) · Administration · CVA & rescue · Strike-off · Bounce Back Loan · Winding-up petitions · Director liability and more.
Free, confidential and non-judgemental. You stay in control: we share your details only with the one expert we match you to.
What is happening with your company?
Your routes out, side by side
Every formal and informal route compared in one place, from our full guides. The right one depends almost entirely on whether the company can pay its debts and whether the business is viable, which is what a Licensed Insolvency Practitioner assesses on a first call.
| Route | What it is | Typical timescale | What happens to the debts | Personal exposure | Guide |
|---|---|---|---|---|---|
| CVL (Creditors Voluntary Liquidation) | Director-led closure of an insolvent company | Often underway within 2 to 3 weeks of first contact | Assets are sold and creditors paid in the legal order of priority; the company is then dissolved | Not personally liable unless you gave a personal guarantee or have an overdrawn director loan account | CVL guide |
| MVL (Members Voluntary Liquidation) | Formal closure of a solvent company with retained profit to distribute | varies - see guide | All debts must be payable within 12 months; distributions to shareholders are usually treated as capital | Directors must swear a declaration of solvency; if the company turns out to be insolvent it converts to a CVL | MVL guide |
| Administration | Hands control to an administrator and freezes creditor action | varies - see guide | A moratorium pauses creditor action, including a winding-up petition, while rescue or a better result for creditors is pursued | varies - see guide | Administration guide |
| CVA (Company Voluntary Arrangement) | A binding deal to repay creditors while the company keeps trading | Usually 3 to 5 years | Some or all repaid over the arrangement; binding on unsecured creditors if 75% by value of those voting approve | Directors keep control, supervised by a practitioner; failing the CVA usually leads to liquidation | CVA guide |
| HMRC Time to Pay | Paying HMRC arrears in instalments rather than all at once | Usually up to 12 months, sometimes longer for larger debts | Arrears cleared in full with HMRC late-payment interest; new tax must be paid on time as well | varies - see guide | Time to Pay guide |
| Strike off (dissolution) | Removes the company from the register via form DS01, for a small filing fee | varies - see guide | Not written off; creditors including HMRC can object and block the strike off | Since 2021, directors of dissolved companies can be investigated and disqualified | Strike off guide |
| Informal turnaround | Renegotiation, Time to Pay, refinancing and cost cuts, without a formal procedure | varies - see guide | Renegotiated with creditors, or spread through a Time to Pay arrangement with HMRC | varies - see guide | Business rescue guide |
Free tools, instant answers, no email required
Honest calculators that the firms tend to bury behind a phone call. All 12, free and instant. Use them first, then talk to someone if you need to.
See all tools · See the UK Business Distress data
LTD Turnaround is an independent information service for UK company directors in financial difficulty. Whatever the problem, HMRC arrears, a winding-up petition, relentless creditors or simply not enough cash to make payroll, the single most important thing to know is that your options are widest when you act early. Most directors wait too long because they are frightened, and by the time they seek help some of the best routes have closed. This site gives you straight, properly sourced answers and free tools so you can understand your position in minutes, then, if you want it, a free and confidential introduction to the right expert for your situation, whether that is a turnaround adviser, a tax specialist or a licensed insolvency practitioner. We do not sell you anything and we are not a law firm. We explain the choices honestly, including the times when you do not need to do anything formal at all. Insolvency Service, gov.uk
Sources: The Gazette insolvency notices feed (Open Government Licence v3.0) · Insolvency Service · British Business Bank. Open the data hub →
Why act early
Once a company is insolvent, the law expects directors to put creditors first. Acting promptly is not just commercially sensible, it is how you protect yourself from claims such as wrongful trading and reduce personal exposure from a personal guarantee or an overdrawn director loan account. Early advice almost always means more options and less personal risk.
How the introduction works
You tell us briefly what is happening with the company. Free, confidential and no obligation.
We match you by situation and location, and pass your details only to the one expert we introduce you to. We do not sell your data.
A straight assessment of your options, including the times you may not need a formal procedure at all. Whether you go further is entirely your decision.
The kind of expert you are matched to
Full detail in how we match you, our editorial standards and experts and how we are funded.
Questions directors ask us
Will I lose my house if my company goes under?
Not because of the insolvency itself. Company debts belong to the company. Your home is only at risk if you gave a personal guarantee secured on it, or owe the company money personally through an overdrawn loan account. Take advice before assuming the worst.
Can I be made personally liable for company debts?
Usually no, but there are exceptions: a personal guarantee, an overdrawn director loan account, wrongful trading, misused Bounce Back Loans, or some unpaid PAYE and National Insurance. Early advice is the best protection.
What is the cheapest way to close a company?
For a solvent, debt-free company, strike off via DS01 is cheapest. With debts, that usually fails and a CVL is the proper route. Use our closure route chooser.
How much does liquidation cost?
A straightforward CVL typically costs from around £4,000 to £7,000 plus VAT, usually met from company assets. Our liquidation cost calculator gives a range for your situation.
What happens if my company cannot pay HMRC?
Engage early. HMRC often agrees a Time to Pay arrangement over up to 12 months if it is realistic. Ignoring HMRC leads to enforcement and ultimately a winding-up petition.
I have a winding-up petition, what do I do?
Treat it as urgent. You usually have a short window before the bank account is frozen and the hearing. Get advice the day you are served. See winding-up petitions and our timeline tool.
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Free, confidential and non-judgemental. You stay in control: we share your details only with the one expert we match you to, and whether you go on to instruct them is entirely your decision.
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