Business can be a tough, fast paced world.  One minute your operation can be profitable and easy to manage then market changes and competition can suddenly reverse the situation and you’re facing mounting liabilities and pressure from HMRC.  If circumstances become untenable then you may even be considering a company bankruptcy.  In such situations a creditors' voluntary liquidation ("CVL") will allow you to close down the company legally and limit personal liability.

If you do decide to opt for a CVL then you are allowed to appoint your own chosen authority as the company liquidator. Usually a registered insolvency practitioner, this individual will take over operations during the closure and make a register of all assets which are then subsequently sold to pay off your creditors.

Under UK law directors are allowed to purchase key assets of the business whilst acting as a third party.  A new entity can then be formed using these assets, shedding debt, preserving customer relationships and keeping important personnel in employment.  At McTear Williams & Wood we have assisted many companies through this process known as a pre-pack administration and may be able to help your company achieve a similar result.

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.

Review all your options with a free consultation to discuss your company bankruptcy at our Bournemouth offices.

You can meet with one of our senior advisors who’ll help you understand all the options available to you, allowing you to select the best course of action for your business. 


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