If your company’s assets are no longer sufficient to cover its debts and the money in the bank is running out it could potentially become insolvent. At this time there are strict rules that govern the behaviour of the directors and many companies opt to close down operations with a company bankruptcy which is more commonly known as a creditors’ voluntary liquidation. It puts an end to trading and can be used to limit your exposure to personal liability.
If you do choose to go through with a company bankruptcy then you are allowed under UK law to appoint your own liquidator who will take over your company’s affairs. They will work to realise the maximum possible value from your assets to satisfy any remaining debts. If you are looking to purchase any of the company’s assets such as the trading relationships then this is vital as many assets will degrade quickly.
McTear Williams & Wood has a history of helping many clients in similar situations dissolve their companies and restart again as new ventures. Our considerable experience of both insolvency law and accountancy will help you reach the best outcome from your circumstances.
Explore the multiple options available with an appointment to discuss a potential company bankruptcy at our offices near King's Lynn offices. In under two hours we can give you the full benefit of our experience and a detailed assessment of all the options available to you.
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 King's Lynn. Contact McTear Williams & Wood today on 0800 331 7417