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.
Review all your options with a free consultation to discuss your company bankruptcy at our offices near Bournemouth.
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. Call us on 0800 331 7417
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Company Liquidation in Bournemouth
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