If you no longer have the ability to regain profitability, you may be considering a company bankruptcy. When the calls and letters from debtors are mounting up and the search for new business is fruitless, you can close your business and limit personal liability with a company voluntary liquidation.
This process grants you the power to appoint your own liquidator to finalise your company’s affairs. They will oversee the final sale of all your remaining assets to generate the funds necessary to satisfy your outstanding debts on a case-by-case basis.
Some directors choose to purchase back their company once all the debt has been shed during this process and relaunch it as a completely new entity. Many businesses have returned to growth and profitability in this way. McTear Williams & Wood has the experience to make this process as smooth and trouble free as possible.
Want to know more? Book in an appointment to discuss your company bankruptcy at our Peterborough offices and get all the information on your situation. We will give you specific advice across a 1-2 hour consultation session that will help you understand the options that are 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 now to discuss your company bankruptcy at our Peterborough offices. Contact McTear Williams & Wood today on 0800 331 7417