Compulsory liquidation
Retain as much value as possible through compulsory liquidation. McTear Williams & Wood have the experience to assist your business even when it is in compulsory liquidation. Find out your options call us now.
Last Updated: 28/10/2024
What is compulsory liquidation?
Compulsory liquidation is the result of a winding up order. It is the last resort for creditors seeking to reclaim monies when all else has failed. Even if your initial debt is paid to the petitioning creditor it is possible for other creditors to take over the petition and continue the court action. Nonetheless with the right business plan and early action it may be possible to turn your business around. Before a winding up order is made the creditor has to file a winding up petition in Court. This comes at a considerable cost to the creditor and starts the process of shutting your company down, triggering the sale of its assets at a later point, which will be used against the debt.
Most companies suffer distress at some point during their lifespan. By talking to us you access sound accounting, business rescue and legal knowledge assisting you in salvaging value even at this late stage. Even if you have a winding up petition against your company you could still have a number of choices that could resurrect your business.
How can we help?
- Free initial assessment – find out the facts behind your businesses position and arm yourself with all the necessary information to make the right decision using expert advice from our specialists.
- Make applications to Court – our team understands how to communicate with the courts and the requirements of official orders. By working with our preferred lawyers we can arrange extensions allowing you to effectively manage your company’s situation.
- Structuring time to pay arrangements – if we can produce a watertight turnaround plan this can be used as the basis of a repayment plan to your creditors.
- Working with the Official Receiver – should all else fail then you may be able to request that McTear Williams & Wood is instated as the authority that deals with your compulsory liquidation, ensuring that the sale of your company and assets is handled in a fast and effective manner.
Tony Harrison
Director
- 07786 242344
- tonyharrison@mw-w.com
- Prospect House, Rouen Road, Norwich NR1 1RE
Tony helps underperforming businesses using a professional and understanding approach and will listen to concerns on a without charge or commitment (on a confidential) basis and then advises on the available solutions.
With over 19 years of experience at McTear Williams & Wood Tony understands the challenges facing directors and managements of struggling companies and can provide assistance with first hand experience. His strengths lie in an ability to rapidly understand situations and react to turn them to an advantage.
Tony advocates an early confidential meeting as experience tells us that recovery options are often eroded over time.
Your best course of action
The Official Receiver’s powers begin from the point in time that the Court grants the winding up petition. This means any monies paid to your creditors, in particular debts paid to directors, can be pursued and returned to the company. Even if your initial debt is paid to the creditor it is possible for another of the company’s creditors to substitute their debt for your original debt. By acting quickly you ensure that you keep as many options as possible open to you – don’t leave it too late, contact us today
