Cashflow problems, bad debt and HMRC obligations all take their toll on a company’s finances. If you have been unable to meet these demands, then it is possible you are considering a company bankruptcy. By enacting a company voluntary liquidation it is possible to limit your own personal liability as a director. Additionally, by choosing this course of action your will be permitted to choose your own liquidator. They will act on your behalf as the authority tasked with selling off the remaining assets of your company, the proceeds of which are then in turn used to pay off your remaining creditors.
One route taken by some directors is to buy back their old company and some of the more important assets after the debt has been shed. Let McTear Williams & Wood advise you as to whether or not this is possible for your business, drawing on our years of experience helping many companies in similar situations.
Your ideal next step is to find out all the facts about a company bankruptcy at our Colchester office. During a 1-2 hour free consultation appointment, we’ll be able to give you all the facts on the best course of action for you and your company.
If you are thinking of going through a company bankruptcy this could be an extremely difficult time in your business life as a director. However, there could still be a number of options available to you.
Act now to find out all the facts about your current situation. However, be aware that as creditor pressure mounts, some options will close off to you in the course of time. Call us now to discuss your company bankruptcy at our offices near Colchester. Contact McTear Williams & Wood today on 0800 331 7417