Everyone deserves a second chance
Help to close your business & start again
Was 2022 going to be the year to turn things around, get your business back on track, only to find the odds stacked against you, so no matter how hard you worked or the personal sacrifices you made it was just not enough, the business is still not working.
Loan repayments, rising costs, and customers spending less, it gets harder and harder to keep things going, to keep your head above water. Each week a fight to make ends meet (and even then there are times when what’s coming in is not enough to cover what’s going out).
And for all your efforts, don’t you deserve more, a chance to build the business and life you’ve been working so hard for?
Last year we helped over 1000 business owners get free from the burdens of their failing businesses and start again.
If you’re thinking ‘I’m not going through another year like that again’ then why not book a FREE call, we will listen and talk you through how we can help, how we can help you breathe again.
Chris back on his feet
Before the ‘lost Covid years, ‘ Chris’s business was doing OK, sure it was hard work, but he was prepared for that; he was building his business for his and his family’s future.
Then, Covid hit, and like most business owners, the rug pulled from under him, and overnight, everything changed. The following two years were hell. Open – closed – open – closed – so many false starts.
Chris did everything he could, changed the business model, cut costs, negotiated with his landlord and suppliers, took holiday payments and took out loans, all to survive.
It took its toll on him and his family, the worry, the stress, but somehow he got through to 2022, his business still alive but a shadow of the company it was pre-Covid.
What is the best option for me?
The starting point to know what would be the best course of action to take to achieve the outcome your after is to first establish the solvency of your business. Once the solvency of your business is known, we then have a clear path toward helping you get the result you want.
Take our business solvency test.
If you are considering closing down your limited company, take our 60 Second Test today to see what options you have and the next step toward getting the outcome you want.
Once you have completed the test a member of our team will be in touch to talk you through your options and what happens next.
Liquidation & Recovery options available to UK Company Directors
Members' Voluntary Liquidation
If your company is solvent and has in excess of £25,000 in assets, then is it highly likely that closing the company using an MVL will work out to be more cost-effective and tax-efficient than simply making an application to strike off the business.
Cash that is extracted from a business using an MVL is treated as capital gains rather than income and so is taxed accordingly.
There are also other benefits to using this method as you may also qualify for Business Asset Disposal Relief (formally known as Entrepreneurs’ Relief) which halves the effective tax rate down to just 10%.
ELIGIBLE IF SOLVENT
Creditors' Voluntary Liquidation
A CVL is a formal insolvency process that involves a licensed insolvency practitioner placing an insolvent business into liquidation.
Your company is classed as insolvent if its debts (including Bounce Back Loans) outweigh its assets, and when you can no longer keep up with your monthly liabilities as and when they fall due.
Closing your company through a CVL opens up the possibility of redundancy pay which may come in useful during this time.
If your company is insolvent and you would like to bring it to an orderly end, opting for formal liquidation through a CVL is likely to be the best solution.
ELIGIBLE IF NOT SOLVENT
Dissolution - Striking Off Your Company
Striking off a company is an informal way of bringing an end to an unwanted business.
The process is sometimes known as dissolving a company and involves directors submitting a DS01 form and informing the relevant parties.
Strike-off is only suitable for those companies without any outstanding debts.
If you do have debts and attempt to strike the company off, you should expect a creditor to lodge an objection which will see the process halted. Strike-offs are increasingly being rejected, particularly those which have outstanding Bounce Back Loans.
ELIGIBLE IF SOLVENT
How we can help
Second Chance provides business owners with a way out, the opportunity to start again, escape from what has been holding the business back, and use what they have learned to make their next business successful.
Here’s your chance to put all the stress, worry, and sleepless nights behind you.
If you are considering closing your business, talk to us and get expert advice as soon as possible so you can make an informed decision and give yourself the chance to start again if that’s what you want.
Our philosophy is all about supporting directors. We know that the options for dissolving or liquidating your company are vast and can be overwhelming to navigate which is why we aim to make company closures as simple as possible.
Our principal focus is maintaining your director duties and finding the most efficient and affordable solution for the closure of your company. So your in the best shape to start again if that is what you want.
What we offer is honest, reliable support for directors of struggling limited companies to help you at this most stressful and difficult time.
Specialists in Company Closures.
Trusted, confidential advice
The chance to start again.
Another success story
In September, our office received a call from Leon; I asked how we could help, and Leon started to tell his interesting, sad and uplifting story; here it is…
Leon’s father came to the UK in 1983 from Kosova and, after finding work with a garden contractor, decided to start up on his own three years later. For the next thirty years, he worked hard building the family-run business that serviced the Oxfordshire community with landscaping and gardening services. During this time, his four sons would join him in the business.
In 2018 due to ill health, Leon’s father had to step away from the business, and it fell to Leon, the eldest of the four brothers, to take over the company and build on his father’s success.
Leon loved his father but felt his father was too cautious and not ambitious enough; this was now his opportunity to make the business a significant player and make his father proud.
With his brothers, Leon set about expanding the business into other areas of the country, first Hertfordshire, then Bedfordshire.
2018 – Things were going well.
2019 – Things go seriously wrong
When Covid hit, it was at a time when the business was overstretched and exposed. The company had embarked on an extensive marketing campaign to win more work. It worked, but this required more equipment, more staff, and the signing of a ten-year lease on a large industrial estate to house the new equipment and support the different teams now working for the company.
They were in trouble with little income and some large fixed payments to meet.
Leon and his brothers agreed to not tell their father, who was in the hospital, about the business’s troubles, and put a brave face on things, pretend all was good.
Leon spoke of his deep shame while lying to his father and keeping him in the dark about his failing business. Of course, it was for all the right reasons, but it hurt.
Leon and his brothers worked hard, managed to negotiate with lenders and their landlord, furloughing staff and cut as much of the costs out of business as possible, but it still wasn’t enough.
During 2020 and 2021, Leon and his brothers worked on a new business idea, selling plants.
Covid meant that many of the commercial contracts the business had stopped companies wishing to cut costs and save money, and private clients were now doing their gardening. At first, selling plants to the public was a way to bring some cash in and try and make ends meet, but it was a great success.
2022 – Great sadness and new hope
Buoyed by the early success of the new venture, they started to expand from selling plants at markets to selling online.
Sadly in May 2022, Leon’s Father died. And although the family knew it was coming, it was still a great shock and shook the family down to its roots. The grief was unbearable for much of the year.
During their visits to the hospital before his death, their father would talk to his sons about his pride in what they were doing, and he would die with these positive thoughts of his boys.
Leon spoke about how hard those conversations were with his father, lying Leon felt like a fraud even though he was trying to spare his father the anguish and pain of knowing the business he built up over 30 years was insolvent and about to go under, he vowed to himself he would make things right.
The brothers discussed at length what to do; the plants sold to the general public via markets and online were a great success, but the existing gardening and landscaping business was failing; it was too expensive to run, had low margins, and had too much debt.
It was now a case that the part of the business selling plants supported the business’s gardening and landscaping side.
So the decision was made to seek advice on closing the business and starting a new business selling plants at markets and online. It was a no brained as without the debt, the vast rent being paid and being able to let all the staff go required for the landscaping and gardening business, the new business would be immediately profitable, in fact, a thriving business.
Responding to one of our campaigns, Leon called us and told us much of what you are reading here. The new business started two weeks later, free of the burdens of the old.
I asked Leon what he thought his dad would think.
He said it was difficult to say, but hoped his father would be proud of what he and his brothers were now doing to keep his father’s legacy alive.
What Others Have Said About Our Service
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