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 "CVL2) 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.
How can we help you?
Free initial assessment - in the first instance, we are able to offer you a consultation appointment that reviews your current situation and provide you with an overview of your choices.
Business recovery assessment - are you sure a CVL is the best move for your business? It may still be possible to turnaround your business and there may be better options.
Communicating with creditors – 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.
Liquidating your company - we manage the process through which your assets are realised and sold to the highest bidder to assure you of a quick and trouble free transaction.
Find out if a creditors’ voluntary liquidation for your Bournemouth based company is the right move with a simple confidential appointment at our Bournemouth offices. 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.