Having trouble regaining cashflow into your business? Does the sum total of your company’s liabilities and debts outweigh your total assets? Have you suffered as the result of extenuating circumstances such as a key employee leaving or changes within the market? If so it is possible that your company could become insolvent.
If your company is insolvent then there are several laws that govern your behaviour as a director. Many directors and shareholders choose to end their company at this juncture opting for a company bankruptcy which is more often referred to as a creditors' voluntary liquidation. This process hands your company over to an insolvency practitioner who is responsible for selling off the remaining assets of the business to satisfy the demands of your creditors.
Under UK law if you opt for a voluntary liquidation rather than allowing the courts to wind up your business on the basis of unpaid demands then you are permitted to select your own insolvency practitioner. This can have a number of benefits including a faster resolution which may be useful if you are looking to purchase any of the company’s assets at sale.
McTear Williams & wood has helped many clients dissolve their companies both to effectively end their business and to restart again as a new venture. With a considerable experience in the field of business recovery they can help you reach the best outcome from your situation.
Get the full picture on all the options available to you with a short consultation meeting to discuss your company bankruptcy at our offices near Bury St Edmunds offices. In a couple of hours we can help review your current situation and suggest the best way to return to profitability.
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 know to discuss your company bankruptcy at our offices near Bury St Edmunds. Contact McTear Williams & Wood today on 0800 331 7417