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.
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. Call us on 0800 331 7417
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Administration Order in Corby
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Company Insolvency Check in Corby
Company Liquidation in Corby
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Liquidation in Corby
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