Should the best option to deal with overwhelming debt be to close your company than there are various way to do this legally to best protect the firms directors.
A Creditors' Voluntary Liquidation (CVL) is one of the most common methods and is when the directors of the firm employ an official licensed Insolvency Practitioner to start the process of placing the company into liquidation. Our Practitioners can do this for fees starting at about £3000.
Alternatively a Members’ Voluntary Liquidation (MVL) could be the a more attractive way for you to achieve your aims. Directors can then apply to HMRC for Entrepreneurs Relief which allows them to pay 10% tax on the funds that they receive vs. the standard rate of income and dividend tax.