Many businesses have to deal with adverse conditions at some point during their lifespan. It’s not uncommon for external conditions such as clients closing down with unpaid invoices, pressure from HMRC and even market forces to mount up and push the balance sheet into the red.
In such situations many directors are unaware of their choices. However, there is an official insolvency procedure known as a creditors’ voluntary liquidation (or "CVL") that allows you to formally close down the company and use the remaining assets to resolve your debts.
Once the company has chosen this course of action an insolvency practitioner is appointed to oversee the process. A schedule is composed of all the remaining assets which are subsequently auctioned off to repay the company’s creditors on a priority basis.
It is possible under UK company law for the directors of the business to purchase key assets during this final sale. These can be deployed to launch a new enterprise whilst retaining jobs, clients and even the trading premises. McTear Williams & Wood has helped a number of organisations successfully go down this route.
Contact one of our senior advisors to discuss a creditors' voluntary liquidation at our offices near Kettering. In a simple one to two hour free and completely confidential appointment, we’ll be able to give you our best advice allowing you to plan for the future of your business. Call us on 0800 331 7417
Other services we offer in your area:
Administration Order in Kettering
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Company Administration in Kettering
Company Bankruptcy in Kettering
Company Insolvency Check in Kettering
Company Liquidation in Kettering
Company Voluntary Arrangement in Kettering
CVA in Kettering
Insolvency in Kettering
Insolvency Practitioners in Kettering
Liquidation in Kettering
Members' Voluntary Liquidation in Kettering
Pre-pack Administration in Kettering
Solvent Liquidation in Kettering
Winding Up Order in Kettering
Winding Up Petition in Kettering