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.
Why use McTear Williams & Wood?
Avoid personal liabilities – one of the biggest concerns of any director when closing down their company is avoiding personal liability. McTear Williams & Wood will work to make sure your accounts are in the correct order.
Work with one of our directors – all of our engagements are led by a director, ensuring that you receive the full benefit of our extensive knowledge and experience of company bankruptcy.
Full turnaround services – is liquidation the right choice for you? If you decide to try to return to profitability we can provide you with additional finance, restructuring and even interim management to support your business through this time.
Free initial consultation session – in the first instance we always provide our clients with free advice. Simply put, we can tell you if your business will succeed or fail and outline any potential routes of recovery.
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.
How else can we help? Other services we offer in your area: