Company liquidation

If your business is suffering financial distress then you may wish to use a creditors’ voluntary liquidation (also known as ‘CVL’) to shut down your business and end trading. Unlike compulsory liquidations, a CVL is initiated by company directors to provide more control over the closing down process.

What are my options?

It may be the case that your company is technically insolvent, or you can no longer afford to meet the terms of credit repayment agreements.  A creditors’ voluntary liquidation effectively ends your responsibilities and uses the company’s remaining assets to pay off your creditors. The assets are sold to the highest bidder – and that could be you. Part of our established process of implementing a creditors’ voluntary liquidation is helping you explore the options to recover your business.

Our expertise in business turnaround could still help recover the business if you act quickly. See our top 10 frequently asked questions on creditors’ voluntary liquidation. There may be better options if your company is under threat of liquidation. Before you consider closing down your company, talk to us to understand your choices. For a professional assessment of your situation call us.

The liquidation process

At McTear Williams & Wood Limited we follow a proven step by step procedure to manage the liquidation of your company quickly and efficiently during a creditors’ voluntary liquidation.

  • Appointment and assessment – in the first instance you will work with one of our directors or associate directors to understand the challenges of your current financial situation.
  • Turnaround and rescue evaluation – we can start to structure a business recovery plan that restructures your capital and we can help secure additional finance to fund a turnaround.
  • Extraordinary general meeting – should the company need to be wound up a meeting of the creditors is called to begin the formal process of winding down the business.
  • Function as liquidator – finally we can take an appointment as a liquidator in the liquidation to arrange a fast and efficient sale of your assets and business.

Directors are legally permitted to buy back their business and assets in creditors’ voluntary liquidation. We are able to provide you with advice and support on how to purchase your business after a CVL and start trading again.

Hayley Watson

Director

Norwich office contact details:

Cambridge office contact details:

Hayley started her career working at McTear Williams & Wood Limited in 2005 and is a Licensed Insolvency Practitioner advising companies and individuals experiencing financial difficulties and act as an Insolvency Practitioner in all forms of corporate insolvency including creditors’ voluntary liquidation, compulsory liquidations, solvent members’ liquidations and company voluntary arrangements as well as advising individuals and acts as an insolvency practitioner in individual voluntary arrangements and bankruptcies.

Hayley regularly works with a variety of stakeholders to establish and implement the best strategy for individuals and companies experiencing financial difficulties.

Hayley qualified as a Licensed Insolvency Practitioner in 2019 and was appointed as Director in March 2024.  She is currently Chair of the R3 Eastern Region committee and has over 19 years of experience in insolvency.

Avoid insolvency by recognising and identifying the early warning signs.
Do you have a large quantity of your money tied up in your company? We can assist you in getting your hands on this amount, tax efficiently using a solvent liquidation process (or MVL). Getting money from your company at 10% tax is easier than you expect.
There may be better options if your company is under threat of liquidation. Before you consider closing down your company talk to McTear Williams & Wood to understand your choices.
Even if your business has received a winding up order we can still help you effectively realise your business assets to achieve the best outcome. Find out your options call us on 0800 331 7417.
Act now and save your business. Are your creditors trying to close your business? McTear Williams & Wood can help you get your business and finances back on track. Discover all the options available to you and call us now.
Get advice on how to avoid disqualification as a director. Ensure your actions remain lawful if your company is insolvent with expert advice from McTear Williams & Wood.

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