Is your business insolvent? Have you been living on borrowed time? Or perhaps a sudden external event has caused your finances to spiral out of control? In such times it is difficult to know where to go next. After all, the attitude of resolution and determination that once made your company a success could now be stopping you from seeking effective professional advice.
If this is the case a creditors’ voluntary liquidation (or 'CVL') could help bring your situation to a close. It hands control of your company to a registered insolvency practitioner who will then auction off your assets and use the proceeds of the sale to satisfy your outstanding debts before ending the company. Regardless of the circumstances that gave rise to your current complications a CVL is often the most effective way of ending your relationship with the company. This is an official insolvency procedure that has been designed to help directors in difficulty create the best outcome from these adverse conditions.
In some situations directors are allowed to buy back specific company assets and use them to relaunch the business under a new name escaping the financial restrictions of the previous incarnation. McTear Williams & Wood has supported several enterprises successfully through this journey.
If you would like to know more why not book an appointment to discuss a creditors’ voluntary liquidation at our offices near King's Lynn. You may discover that you have more options than simply ending your company and moving on.
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 creditors' voluntary liquidation at our offices near King's Lynn, taking around 1 to 2 hours of your time. Book your appointment with McTear Williams & Wood today - call now on 0800 331 7417
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