Liquidating your company is a difficult decision, but when your debts are not even serviced by your cashflow and your business is insolvent you may be considering a company bankruptcy. In this situation, a procedure called a company voluntary liquidation will allow you to cease trading without increasing your personal liability.
In a company bankruptcy you are permitted to appoint your own liquidator to auction off your company’s remaining assets in order to satisfy the repayments of existing debts on a case-by-case basis.
It is not uncommon in certain situations for directors to buy back their business after the debt has been released, with a view to relaunching the company as a completely new entity. McTear Williams & Wood has supported many businesses through this process and can help you in a similar manner.
If you would like to know more about your choices, then why not set up a meeting to discuss your company bankruptcy at our Guildford offices? You can meet with one of our senior partners who will fully review your situation and help you understand all of the potential options for your business.
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 Guildford offices. Contact McTear Williams & Wood today on 0800 331 7417