When your company is no longer able to service its debts it becomes insolvent. At this time you may decide that you wish to close down operations with a company bankruptcy, also known as a company voluntary liquidation. This effectively ends trading and limits your own exposure to personal liability as a director.
If you decide to enact a company bankruptcy, then you have the option to choose your own liquidator, who will be put in charge of selling off your company’s remaining assets in order to satisfy any outstanding debts before it officially shuts down. It is particularly important to appoint your own liquidator if you are considering buying back your company following the bankruptcy proceedings. McTear Williams & Wood has assisted many clients in a similar situation, giving us a wealth of understanding and experience to help you reach a favourable outcome.
Discover all the options available to you with a free consultation session to discuss a potential company bankruptcy at our Cambridge offices. In a short 1-2 hour meeting we give you all the facts and our professional opinion on the best course of action.
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 now to discuss your company bankruptcy at our Cambridge offices. Contact McTear Williams & Wood today on 0800 331 7417