Company bankruptcy is a term often used for a company liquidation. If your debts outweigh your assets then your company may be insolvent, and a company voluntary liquidation can allow you to shut down your business without risking increased personal liability. By acting now you can appoint your own liquidator who will be able to work with you to effectively sell off the assets of your business in order to generate more funds. In turn these will be used to satisfy creditors’ claims before it is fully shut down.
Some business owners are able to buy back the business and assets with a view to relaunching after the debt has been shed. McTear Williams & Wood has helped numerous companies achieve exactly this outcome and are ideally place to assist you. Want to find out more about your available options? Talk to our experts about a potential company bankruptcy at our Norwich offices and we will be able to help you understand the best course of action available to both you and 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 Norwich offices. Contact McTear Williams & Wood today on 0800 331 7417