It’s never good when the pressures of a business are taking up all your time. If the insistent demands of HMRC coupled with the responsibilities of cashflow are eating up all your time and your credit accounts are at breaking point, it could be time to look for an alternative.
And one option that’s open to you is shutting down your company and ending your status as a director with a creditor’s voluntary liquidation (CVL). This is an official measure that’s designed to resolve situations with failing companies and their creditors.
Taking an overview of a CVL the process is quite simple. A liquidator is appointed to take charge of the company’s assets, which are in turn sold off to the highest bidder to generate as much capital as possible to satisfy the demands of the creditors. It is possible for directors to purchase their company as it goes through a CVL and effectively relaunch under a new name and brand. Many businesses have gone through this process and found their way back to profitability and success.
Got questions? Get all the answers about a creditors’ voluntary liquidation at our Chelmsford office – book an appointment now with one of our insolvency experts.
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 Chelmsford, taking around 1 to 2 hours of your time. Book your appointment with McTear Williams & Wood today - call now on 0800 331 7417