Many businesses suffer from cashflow problems at some point during their lifespan. It is not uncommon for pressures from HMRC and suppliers to mount up and then it only takes one unfortunate event such as long term sickness or market changes to push a company over the edge into insolvency. At such times many directors are unaware of their choices.
One potential solution to this situation is a creditors’ voluntary liquidation (or "CVL") which allows the business to formally close down and pay off its creditors to the maximum possible extent. If the company does decide to take this course of action then a UK based insolvency practitioner is appointed to handle the final affairs of the business. A final schedule is made of all the remaining assets and these are sold off at auction to raise funds which are then used to satisfy the demands of the creditors.
There is also a situation where company directors are permitted under UK law to repurchase key assets belonging to the business and then use them to launch a new entity. McTear Williams & Wood has successfully guided a number of organisations through this process and helping save jobs and clients.
Find out if a creditors’ voluntary liquidation for your company is the right move with a simple confidential appointment at our offices near Bournemouth. You’ll meet with one of our senior advisors who’ll be able to demonstrate the best way forward for your future, finances and the business. Call us on 0800 331 7417
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