There are two situations to consider when shutting down a business. Is it solvent? If so then a members' voluntary liquidation allows you to extract your capital in a tax-efficient manner, whilst formally ending the company at Companies House. In the case of an insolvent business, the best course of action could be a creditors’ voluntary liquidation which allows an insolvency practitioner to formally close down your operation and sell of all the remaining assets to satisfy the demands of your creditors.
In certain situations directors are permitted to buy back key assets, which they then use to relaunch the business as a new entity, shedding debt and regaining profitability. McTear Williams & Wood has helped a number of businesses successfully through this process saving jobs and client relationships.
Book an appointment with us to discuss your options at our offices near Bedford. You’ll be able to meet with one of our key advisors giving you our best information to guide the next stage of your business journey. Call now on 0800 331 7417
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