A liquidation can help you close down a financially unviable business
If your business is facing debts that you can’t pay and there’s no chance of a turnaround, the smart thing to do is to liquidate
and walk away before it’s too late. Trading insolvent carries large penalties for directors and puts you personally at risk for your company’s liabilities. So why struggle onwards and put yourself in a worse situation when you can get some professional help from us and walk away?
There’s no shame in failure, but there is in letting people down by continuing to trade a Voluntary Liquidation is a straightforward process that commences as a Creditors Voluntary Liquidation (CVL). This is where the directors of a company formally acknowledge that the company is insolvent and call a meeting of shareholders
But you need to act fast or face penalties for insolvent trading
There are a lot of things to work through if you are considering liquidating your company. However, before you go
down this path, call us and discuss your situation.
The key is to prepare your self-beforehand, there is a lot you need to know and do to protect your personal assets, one of the most common questions we are asked is ‘Can I continue to run a business if I have been the director of a company that has been liquidated?’ The answer is yes, but of course, there are laws that need to be adhered to and you need to ensure you structure things the right way moving forward. Liquidation does not need to be the end of your business life as so many people experience. There are options, but in most cases, people simply don’t know what they are. We simply explain your options, help you choose the best one for your situation and we all work together to achieve the best possible outcome.
Voluntary Administration will give you some much-needed breathing room while you get your finances under control. During a period of Voluntary Administration, your creditors must cease all collection action, allowing you some time to get your money back on track.
Company Liquidation is winding up your company and selling off its assets to try to repay your creditors what you owe. This action is often taken after a Voluntary Administration where your company is found to be insolvent. While liquidating your company can be devastating – it can also be the best way to move forward and start afresh.
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