If your business is insolvent you may be considering striking it off the register at Companies House. However, if you still have outstanding debts this process could leave you personally liable. Alternatively if you use the official insolvency process of a company liquidation then you can formally satisfy the demands of your creditors.
A company liquidation (or creditors' voluntary liquidation) must be overseen by an Insolvency Practitioner, who will take over control of your company following a successful internal motion to proceed with the dissolution. A schedule is then formed of all your remaining assets which are subsequently auctioned off raising funds to satisfy your creditors.
In certain situations directors are even allowed to purchase key assets as a third party and then in turn can use these to relaunch as a new entity, free from the unprofitable parts of the previous operation. McTear Williams & Wood has helped many directors both close down their companies effectively and start again to regain profitability.
The key factor in any business decision is fast action.
Book a meeting with one of our senior advisors today and in a simple, free and confidential meeting to discuss your company liquidation at our offices near Kettering, we’ll be able to help you make the best choice for your finances and future. Call us on 0800 331 7417
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