Has your business become insolvent? Whether your problems have their origin in the marketplace or you are the victim of circumstances beyond your control, when your income cannot possibly cover your debts then it may be time to start looking at other options.
One route out of trouble is effectively closing your company. A creditors’ voluntary liquidation (CVL) allows you to step down as a director and finish trading, whilst meeting the demands of your creditors in an official capacity.
The way it works is as follows. You company is shut down and you resign from your responsibilities as a director. A liquidator is appointed by the company’s largest creditor and they are charged with selling off your assets to satisfy the demands of your creditors. Sometimes company directors choose to repurchase their company during a CVL together with many of its assets. This allows them to relaunch the business under a new name and brand and in some situations, regain profitability. McTear Williams & Wood has supported several clients through this process.
Would you like to know more about your potential options? To discuss a potential creditors’ voluntary liquidation at our Milton Keynes offices, please call to make an appointment.
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 Milton Keynes, taking around 1 to 2 hours of your time. Book your appointment with McTear Williams & Wood today - call now on 0800 331 7417