If your business has reached the point where you can no longer service your debt, then you may wish to consider a company bankruptcy. Also known as a company voluntary liquidation, this is an effective means of ending trading and limiting your own personal liability as a director.
By choosing this course of action you will be permitted to select your own liquidator, who will be in charge of selling off the remaining assets owned by your company. Any funds generated by this process will be used to satisfy the demands of your creditors.
It is particularly useful to appoint your own liquidator if you are considering purchasing your company once it has been freed from the burden of debt. McTear Williams & Wood has helped a number of directors in a similar situation recommence trading and return to profitability as a new entity.
Discover all the options available to you with a free consultation appointment to discuss a potential company bankruptcy at our London offices. In a short 1-2 hour session we will not only talk you through how a liquidation is enacted, but also discuss the best outcome for both you and your company.
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 London offices. Contact McTear Williams & Wood today on 0800 331 7417