If your business is technically insolvent then it may seem like the end of the road. Daily struggles with creditors could be taking away all your time and passion for running the business, leaving you short when it comes to effective management and money making activities. In such instances a creditors' voluntary liquidation (CVL) could be the ideal way for you to address the situation. It allows you to effectively end your company, removing the personal and professional stress you have been experiencing.
No matter what issues within the business gave rise to your current difficulties a CVL is often the simplest way to absolve you of your current responsibilities. All your assets are liquidated and the proceeds are used to pay off your creditors where possible.
In certain situations it is possible for directors to buy back their old company and relaunch under a new name free from the financial obligations that were throttling growth. McTear Williams & Wood has helped a number of organisations through this process, giving ventures a new lease of life. Want to know more?
Arrange an appointment to discuss a potential creditors’ voluntary liquidation in our Cambridge office and you may find out you have more choices than simply closing down your business.
The most significant benefit of them is that in some cases your debt can be entirely written off.
You'll still need to cover the cost of your company's 'Statement of Affairs' and creditors' meeting.
However, all subsequent liquidation costs (including debt/outstanding creditor repayments) will be met through the sale of company assets. This generally makes liquidation a cost-effective option for you and your business.
Employees will be able to claim for paid redundancy, even if there aren’t enough assets in the business to cover the cost, this payment comes from the government. Directors of the company are also able to claim for redundancy pay; the average claim is currently around £9,000.
The initial cost of preparing the Statement of Affairs is usually relatively low and the remaining costs are taken from the sale of the business' assets, so the cost to get it all done is minimal. Not forgetting to mention, you may be able to claim the redundancy pay to help cover any costs.
If you are looking to sell your business it is advisable to act as quickly as possible to ensure that you achieve maximum value. Don’t run your company into the ground when suppliers and customers lose confidence in your ability to deliver, which could impact your long term reputation.
McTear Williams & Wood can give you a free consultation which will cover all your options including a company voluntary liquidation in Cambridge, taking around 1 to 2 hours of your time. Book your appointment with McTear Williams & Wood today - call now on 0800 331 7417
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