If your company is in distress, there is always the temptation to struggle on regardless. After all, with many directors it has been a steadfast attitude of tenacity that has often been a key component of their success. However this could now be affecting your ability to seek a resolution to tougher times. When the responsibilities of acting as a company director weighing heavy on your mind, it could be time for you to consider shutting your company down officially with the support of a creditors' voluntary liquidation (CVL).
Whatever difficulties you are currently facing a CVL effectively ends your responsibilities as a director and closes the company. Whether you are suffering from bad debt or cashflow problems the assets remaining in the company are liquidated and the proceeds are used to satisfy your creditors.
In many circumstances directors choose to repurchase their old company and relaunch as a completely new venture free from the obligations of the past. At McTear Williams & Wood we have steered many directors through this process helping them start a newly refreshed operation.
Please get in touch to set up a meeting regarding a potential creditors’ voluntary liquidation at our Guildford office. There may be more options available than you realise.
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 Guildford, taking around 1 to 2 hours of your time. Book your appointment with McTear Williams & Wood today - call now on 0800 331 7417