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 regain profitability. McTear Williams & Wood has helped a number of business successfully through this process saving jobs and client relationships.
How can we help you?
Free initial appointment - in the first instance we provide you with a consultation session to go through all the implications and obligations necessary for a company liquidation.
Review options for business recovery - even if you are insolvent, there may still be routes by which you can continue trading. We are able to help you understand how to close down your company and buy it back.
Calling a creditors meeting – - one of the key steps in implementing a CVL is setting up a meeting with your business’s creditors in order to pass the resolution to allow the liquidation and to confirm the choice of liquidator.
Company liquidation - during the liquidation process McTear Williams & Wood will manage the sale of your assets, handle any legal matters and distribute funds to the creditors amongst other key responsibilities.
Book an appointment to discuss your company liquidation at our Bedford offices.
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.