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.

2022 – A new start – hope

Chris was hopeful at the start of 2022, he would work his arse off and get the business back on track.

And gradually, month on month, he started to make progress; things were looking up, not how it was before Covid, but this was a new world, even so he felt he could make things work.

The problem

Like many during Covid, Chris took out loans; encouraged by the Government and the many loan companies telling him this was the way forward, a way to survive until things get better. So first, it was a Bounce Back Loan, then more borrowing, as lenders took advantage of Chris’s desire and determination to survive to keep going.

Then prices started to rise, and the final straw came with the massive hikes in fuel prices. So, even with the new customers, he was winning he needed more and quickly.

It was demoralising, so much effort and hard work, yet he was drowning and time was running out! As fast as he could run, as quickly as he could move the business forward, the loans, the debt, and the costs would take him under.

Light – Hope – a solution

Chris came to us in October 2022, and we listened as he told us his unique story. We told him on that first FREE consultation call we could help him, just as we had helped thousands like him, business owners who had tried to do the right thing to keep the business going but had the odds stacked against them.

You see, Chris’s business was viable, a good business. The issue was the debt the business was carrying and some expensive commitments.

A Happy Ending

We closed Chris’s old business and started his new one. Things are now looking good for Chris; we helped him keep his old customers and halve the company’s costs. So 2023 looks like a great year.

Chris said, ‘I can breathe again; you can’t imagine what you’ve done for my family and me.’

Chris is not our only success story; we do this all the time; this is what we are good at, closing businesses and helping business owners start again—giving business owners a second chance. A chance to start fresh.

Closed does not always mean closed forever!

Everyone deserves a second chance.

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, it is highly likely that closing the company using an MVL will be more cost-effective and tax-efficient than simply applying to strike off the business.

Cash extracted from a business via an MVL is treated as capital gains rather than income and taxed accordingly.

You can also benefit further if you 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 INSOLVENT

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.

Another success story

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What Others Have Said About Our Service

Once we lost our biggest client, my business was in real trouble; I tried to turn things around but found I was digging a bigger and bigger hole for myself. When the bailiffs arrived at our offices, that was the final straw, and I started looking for advice and a way out. Someone recommended Second Chance, and I am so grateful they did, as this saved me, sorted everything out and enabled me to close my business and start again. What a relief it was, and they made it all so easy. Thank you so much, especially James, who was excellent.

Ashkan

Liquidating a business for me was a frightening and an emotional decision. I was so stressed out after Covid destroyed my restaurant business; it has never been easy, but our Shoreditch Pizzeria did well for over 15 years, but in October, we had to call it a day. We had no chance with debts, rising costs, and staff problems. I approached Second Chance for help; nothing was too much trouble, and they explained everything in simple and easy-to-understand language. James made the process less daunting, and I would not hesitate to recommend them as a company.

Kwasi

Finding my business of 12 years insolvent because of an unexpectedly large debt set off constant letters, court threats, papers, and months of stress and sleepless nights; I needed to do something. Turning to Second Chance for help was a great decision. Although this was a very daunting situation, the whole process was explained, and I felt reassured by the first call. This has been a first-class professional service throughout, and I highly recommend Second Chance if you are in a similar situation as I was. I am truly grateful.

Mariamu

I didn't know where to turn for help, so I kept putting it off, making things worse. I tried the HMRC website list of liquidators - which never works or gives shocking results. As a last resort (I was a bit embarrassed about it all), I spoke to a friend who recommended Second Chance, who they used to close their business last year. From the moment of my first call, the service has been first class, dealing with real people who understand what needs doing and are aware of your fragility in coping with something so daunting and, in my terms, sad.

Rosie

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If you’re considering closing your business taking expert advice as early as possible is crucial to getting the best outcome for you.

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Find out what options you have if you are considering closing down your business.