There are two ways to shut down a company. If you still have assets and liquidity in the business then a member’s voluntary liquidation will allow you to realise your capital and finish your relationship in a tax efficient manner.
In the alternative situation, where your business does not have enough capital to meet its responsibilities you will need to undergo an insolvent liquidation, which is also known as a creditors' voluntary liquidation.
During this process a third party is appointed as the liquidator and will help sell off your company’s assets to pay off your debtors. Whether your business problems have been caused by your customer debts or changes within the industry this can be a viable way to end your dealings.
At McTear Williams & Wood we have worked with several company liquidations from our Guildford office helping businesses effectively shut down operations whilst protecting directors from 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 at our office in Guildford and we’ll assist you in understanding the full range of implications. Call us now on 0800 331 7417