Creditors Voluntary Liquidation
Putting a company into liquidation means that it must no longer trade so that capital can be recovered once the assets of the company have been realized for the benefit of the company’s creditors. If there is not sufficient money available to pay the company’s debts, the Directors of the company are at risk wrongful trading.
Our specialist debt management advisors will work with our recommended IP to ensure that the liquidation process runs smoothly. Whilst the IP has a duty to act in the best interest of your creditors, our aim is to ensure we work in your best interest and to afford you all rights and protection available.
We will work with you and your accountant to get a true reflection of the company’s assets and liabilities as well as any potential viability of the company. The IP will be responsible for setting up a creditor’s meeting which will be when the company formally enters liquidation. We will work with the IP to prepare a report which will be sent to the creditors specifying the financial position of the company.
As the assets of the company will need to be sold – should you wish to start a new company, you will be given the opportunity to buy the assets. There will be no restrictions placed upon you setting up a new company despite the current one being entered into a creditors voluntary liquidation.
Advantages of Creditors’ Voluntary Liquidation:
- Historic debts will be written off;
- You can purchase the company assets through a new debt free Company;
- Leases can be terminated if not required;
- Terminate employment contracts and make staff redundant. They will be paid out by the Redundancy Payments Service;
We are here to help you through the entire process. With our help, you can be sure that the entire process runs smoothly and that you are involved in every step and decision which is taken.
For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!
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