Has your company been experiencing cashflow issues? Are pressure from third party suppliers and HMRC threatening to tip your balance into the red? If you find that you’re no longer to meet you obligations such as payroll and payments for VAT and PAYE it may be time to review your options.
At such times many directors are concerned about personal liabilities and their own financial responsibilities. However, there is another option. With a creditors’ voluntary liquidation (also known as a CVL) you can effectively close down your business with the formal aid of a UK licensed insolvency practitioner.
Whatever the reasons behind your companies adverse trading position, a CVL is often the ideal next step to resolve matters. Once the decision has been passed at a board meeting to take this course of action, a schedule is composed of your remaining assets which are subsequently sold to raise funds to satisfy your outstanding debts.
In certain situations company directors are permitted to buy back key assets and use them to relaunch as a new legal enterprise. McTear Williams & Wood has a long history of helping businesses quickly and successfully navigate this route, saving jobs and retaining 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.
If you would like to discuss a potential creditors’ voluntary at our Corby offices, then call one of our team today. You’ll be able to meet with one of our senior advisors, who will go through all your options, allowing you to choose the best route for the future of your finances and your company.
How else can we help? Other services we offer in your area: