Closing down your business is a tough decision. Many directors pursue their passion to set up a new company, with aspirations to change the way their sector operates whilst creating opportunities and jobs for the local economy. However if there comes a time when dwindling cashflow, HMRC pressures and changes in the marketplace can make even the most stalwart personality consider a company bankruptcy.
The best way to close a business is through a company voluntary liquidation (CVL). This process allows a company to appoint its own liquidator, who takes over operations for the final days of the business, summarising the accounts and selling off all the assets to meet the demands of the creditors.
Sometimes directors are allowed to legally purchase key assets during this final sale as a third party. These can subsequently be utilised to launch a new business and continue trading. With skilful management a seamless experience can be created for customers and jobs can be saved. McTear Williams & Wood has a considerable experience of helping many companies through this process known as a pre-pack administration.
Want to know more about your options in this difficult time? Book an appointment to discuss you company bankruptcy at our Bedford offices and meet with one of our senior advisors. You’ll be able to discuss all the options available to you and find the best course of action. Call us on 0800 331 7417
Other services we offer in your area:
Administration Order in Bedford
Business Health Check in Bedford
Company Administration in Bedford
Company Insolvency Check in Bedford
Company Liquidation in Bedford
Company Voluntary Arrangement in Bedford
Creditors' Voluntary Liquidation in Bedford
CVA in Bedford
Insolvency in Bedford
Insolvency Practitioners in Bedford
Liquidation in Bedford
Members' Voluntary Liquidation in Bedford
Pre-pack Administration in Bedford
Solvent Liquidation in Bedford
Winding Up Order in Bedford
Winding Up Petition in Bedford