Many businesses suffer from cashflow problems at some point during their lifetime. Changes in market conditions coupled with pressures from HMRC and other creditors however can sometimes conspire to create an even bigger issue – insolvency and when the total assets our outweighed by liabilities some directors struggle to know where to turn next.
Fortunately it is possible to legally and formally end a company whilst paying off your debts to the maximum extent possible with a creditors’ voluntary liquidation ("or CVL"). This is an insolvency procedure that shuts down the company whilst allowing you to retain control of the process.
Once the company has decided to take this course of action a licensed insolvency practitioner is appointed to oversee the process. A schedule is made of all the remaining assets and these are sold off to the highest bidder with the proceeds of the sale being used to meet the demands of the creditors on a priority basis.
In some cases, where appropriate, directors are allowed to repurchase key assets of the business and use them to relaunch the business as a completely new venture and McTear Williams & Wood has supervised several companies through this process, achieving a successful result, saving jobs and clients.
If you would like to find out more about creditors’ voluntary liquidation at our offices near Southampton then please get in contact to arrange an appointment. In a completely confidential meeting we’ll be able to go through all your options and help you understand the best path forward for your business. Call us on 0800 331 7417
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Administration Order in Southampton
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Company Administration in Southampton
Company Bankruptcy in Southampton
Company Insolvency Check in Southampton
Company Liquidation in Southampton
Company Voluntary Arrangement Southampton
CVA in Southampton
Insolvency in Southampton
Insolvency Practitioners in Southampton
Liquidation in Southampton
Members' Voluntary Liquidation Southampton
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Winding Up Order in Southampton
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