fbpx

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.

Free consultation

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.

Our 5-step insolvency rescue plan

Avoid insolvency by recognising and identifying the early warning signs.

More info ->

Solvent company liquidations service

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.

More info ->

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 McTear Williams & Wood to understand your choices.

More info ->

Winding up order

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.

More info ->

Winding up petition

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.

More info ->

Company directors Disqualification Act

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.

More info ->

Book a free initial business review

Please enable JavaScript in your browser to complete this form.

Business resources you can count on

Directors' guide

Business rescue & insolvency specialists
What you need to know
A brief guide to insolvency
View more
Take a look at all our business resources and guides here
"Unfortunately, Gordon Dean Solicitors LLP got into debt in the 2020 pandemic, mostly with HMRC but recovered strongly making good profits but this was not enough to recover fully and having sought and failed to achieve further refinancing I visited insolvency practitioners McTear Williams & Wood who were very professional and arranged a liquidation on 1 April 2022. Gordon Dean Solicitors Ltd bought the assets of the firm and started trading from new offices. HMRC will get paid by the liquidators over the next few years."
Gordon DeanSenior Partner of Gordon Dean Solicitors Ltd
"Bethan and Tony acted not only with kindness and humanity, but professionalism! Also thanks to Chloe and Jamie for helping my staff so efficiently. We are not out of the woods, but grateful that you gave us another chance to start again by buying the business and assets back from the liquidator."
Architectural company
"We approached MWW at a very difficult stage - needing to complete an administration process quickly. It was an incredibly stressful time for us in general and Jo, Tony, Bethan and the team at MWW were a real pleasure to work with. They quickly jumped in to support us, gave us really clear and concise advice and helped mobilise the process really quickly to deliver a positive outcome via a pre-pack administration. We couldn't be more grateful for the support we received and I would have no hesitation in recommending MWW."
Company Director
"We have worked with McTear Williams & Wood in a number of turnaround situations. We rank their integrity and professionalism highly and really value their active desire to make businesses succeed wherever possible. Their attitude in working with other professional advisors to achieve this end is highly commendable."
Corporate Finance Accountant
"I am always impressed with the speed with which McTear Williams & Wood respond to a crisis (and with insolvency matters, it usually is a crisis). Our clients have received invaluable, practical, down-to-earth advice which has helped to steer them towards the right solutions to their problems. I am confident to recommend McTear Williams & Wood to our clients in any insolvency situation."
Insolvency Advice forAccountancy Firm Partner
"It was a tough decision to make but it had to be faced, I made the call and McTear Williams & Wood were very, very helpful the whole time. They helped us to explore all the possibilities to find any way forward and they helped us identify that liquidation was the best option for the business. Certainly McTear Williams & Wood made the process quite straight forward for us there was lots of help and lots of contact with them throughout the whole process."
Barry GodfreyManaging Director, Godfrey DIY Supermarkets
"Having traded successfully for over 20 years until recently it was devastating when we realised that our company would have to go into administration. But as we began to work with the team at McTear Williams & Wood believe it or not we wished we had been introduced to them at least six months sooner. That would have avoided months of heartache and the business would have been in a stronger position. As it was McTear Williams & Wood guided us through a pre-pack which saved the profitable stores and the restructured business is now growing again."
Managing Director, National Retailer
"After meeting with Andrew McTear we both felt we had met someone who we could put our trust in and who would leave no stones unturned to help us rescue our business. We had been given two insolvency practitioner names and the other firm just wanted to put the company into administration. As things turned out that would have left any purchaser of the business and assets with significant employee liabilities which would have killed the deal and all the jobs would have been lost."
Finance Director, Joinery Company
"I am aware of the sterling work carried out by this committee and of your role on it. I would like to take this opportunity to thank you for your valued contribution over the last two or so years. Your endeavours have made a significant contribution to the success of the committee in setting up and reviewing the Straightforward Consumer IVA Protocol and I and my Policy colleagues are grateful for the considerable time you have spent in this role."
IVA Standing Committee Member
"McTear Williams & Wood were called in to help our company when it went into Administration. They took early decisive action to reduce costs, maintain the loyalty of customers and key staff and find a viable way forward for our company. They conducted themselves at all times with the utmost professionalism, integrity and objectivity. I found them approachable, well-connected, responsive and always value-adding. McTear Williams & Wood have been instrumental in turning around the company's fortunes."
CEO, Manufacturing Business
Previous
Next

Ready to get started?

Call us
Make an enquiry
Business health check
Scroll to Top