There are two methods of shutting down a company. The first is when you still have assets and liquidity in the company that exceed your debts and liabilities. Using a members’ voluntary liquidation will allow you to cease trading and extract your cash in a tax efficient manner.
The alternative situation is where your business’ assets will not meet your liabilities. In such circumstances, your company is deemed insolvent and you are required to shut down operations with a creditors’ voluntary arrangement (CVL).
Regardless of the event that triggered difficulties within your business – whether this can be attributed to customers failing to pay their invoices or changes in the business, you may appoint your own administrator. This authority is responsible for selling off your assets to meet your creditors’ demands.
If you are considering going ahead with a CVL then please contact one of our expert advisors. We can set up an appointment to discuss your company liquidation at our Peterborough offices and discuss how to achieve the best outcome for you.
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 Peterborough and we’ll assist you in understanding the full range of implications. Call us now on 0800 331 7417