Deciding to shut down your business can be a tough decision. When the pressures of supplier calls, late invoice payments and HMRC obligations start to mount it can seem like there’s no other choice than to close down your operation. In such situations you can use a company liquidation to formally end the company and limit your own personal liabilities.
If you do decide to place your company into liquidation then you are permitted under UK insolvency law to choose your own liquidator. This individual is responsible for taking over control of your business during the final days and making a list of your assets which are then sold off to raise funds which are then used to satisfy the demands of your creditors on a priority basis.
In certain circumstances company directors are permitted to purchase key assets of the business as a third party. These assets can then be used to form a new legal entity allowing you to retain customer relationships and employees. McTear Williams & Wood has helped numerous companies navigate this process and can help you understand if this course of action is right for your venture.
If you would like to know more about your options or to discuss your company liquidation in more detail please contact our Corby offices where you’ll be able to meet with one of our senior advisors. In a simple 1-2 hour appointment we’ll discuss all your options leaving you in possession of the facts necessary to make the best choice. Call us on 0800 331 7417
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