One key factor to consider when you are closing down a business is the financial circumstances. In the case of a fully solvent business a members' voluntary liquidation allows the directors to formally end the company. All debts are satisfied and any remaining capital can be distributed to the shareholders.
If however the business is suffering from a negative cashflow situation and is legally insolvent then it may be necessary to implement a creditors’ voluntary liquidation. In this situation an insolvency practitioner is appointed to take control of the company in order to pay off the creditors whilst closing down the business.
In certain cases directors may be permitted to purchase key assets of the business. These can be subsequently deployed to set up a new entity, shedding debt and regaining profitability. Used successfully it’s possible to save jobs and client relationships.
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.
Get the guidance you need. Discuss your company liquidation at our Southampton offices. Meet with a senior practitioner and go through the details in a one to two hour meeting where you’ll be armed with all the facts to make the best decision for your future.
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