Before you consider closing down your company talk to McTear Williams & Wood to understand your choices. For a professional assessment of your situation call us on 0800 331 7417
If your business is suffering distress then you may wish to use a creditors’ voluntary liquidation (or CVL) to shut down your business and effectively end trading. Unlike compulsory liquidations, a CVL is initiated by company directors and therefore this action gives you more control over the closing down process. It may be the case that your company is technically insolvent or you can no longer afford to meet the terms of credit repayment agreements.
A creditors voluntary liquidation effectively ends your responsibilities and uses the remaining assets of the company to pay off your creditors. The assets are sold to the highest bidder – and that could be you. Part of our established process of implementing a creditors’ voluntary liquidation is helping you explore the options to recover your business.
At McTear Williams & Wood our expertise in business turnaround could still help you recover your business if you act quickly. See our Top 10 FAQs on CVLs here.
At McTear Williams & Wood Limited we follow a proven step by step procedure to quickly and efficiently manage the liquidation of your company during a creditors voluntary liquidation.
Directors are legally permitted to buy back their business and assets in a creditors’ voluntary liquidation. At McTear Williams & Wood we are able to provide you with advice and support on how to purchase your business after a CVL and start trading again.