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.
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.
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 Kettering offices, we’ll be able to help you make the best choice for your finances and future.