If you have decided to close down your business due to cashflow problems this process can be completed safely and effectively with a company liquidation. Your insolvent business is dissolved and the sale of any assets is used to satisfy the demands of your creditors.
This process, which needs to be overseen by an official insolvency practitioner formally ends the lifespan of your business. Once shareholder and director consent has been achieved control of the company is passed to this individual who begins the process of compiling and schedule of all assets and then conducting the final sale.
However there is also the situation where directors are permitted under UK law to purchase key company assets as a third party, which can then be used to relaunch the business as a new entity. This process, known as a pre-pack administration allows companies to relaunch as new entities, shedding the unprofitable parts of their operation.
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.
Act quickly to secure the best result. Contact one of our senior advisors and discuss a potential company liquidation at our Bournemouth offices.
With all the facts you’ll be able to make the best decision for your company, workforce and future.
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