When a director is looking at ending his relationship with a company, it may be the case that there is more cash in the business than debt. In such a situation the director can use a Member’s Voluntary Liquidation (MVL) to efficiently extract their funds. In the instance where the business does not have enough money to meet its obligations, a creditor’s voluntary liquidation (CVL) is the ideal way to enact a company liquidation. The business is dissolved and your creditors are paid out from the sale of your assets.
The need for a CVL is often caused by adverse business conditions, ranging from simple problems with cashflow through to sudden sweeping changes to the market or regulations. No matter what has led to your business distress, you have the option to appoint your own authority to manage your company liquidation.
McTear Williams & Wood is the ideal choice for helping you with you CVL. With numerous liquidations under our belts, we understand how to help you get the best out of the process and avoid personal liabilities.
If you have been declared insolvent it is likely that your company’s value is rapidly depreciating. Through rapid action it is possible to ascertain the best price whilst still retaining your customers. McTear Williams & Wood is able to provide you with a quick resolution in such circumstances.
Why not find out how a CVL could work for your business? Arrange a free company liquidation consultation with McTear Williams & Wood in Colchester and we’ll assist you in understanding the full range of implications. Call us now on 0800 331 7417