CREDITORS VOLUNTARY LIQUIDATION

Creditors pressing, need to act fast? Liquidation doesn’t have to mean the end of your business

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Company Insolvency Advice is well versed with assisting company directors with struggling businesses claim redundancy (and other statutory entitlements such as holiday pay and unpaid wages) when the company enters liquidation. The average UK claim is around £12,000!

COMMON REASONS FOR A CREDITORS VOLUNTARY LIQUIDATION

 

  • HMRC problems with VAT, PAYE and Corporation Tax.
  • Loss of market or major customers.
  • Unaffordable redundancy costs.
  • Sudden Illness.
  • Bad debts.
  • Lack of working capital.
  • Increased competition.
If any of the above apply to you, we may be able to help you. A Creditors Voluntary Liquidation does not have to be the end of your business but it will be the end of that limited company.

SOME CREDITORS VOLUNTARY LIQUIDATION MYTHS DISPELLED

  • If your company goes into liquidation, you can be a director of another limited company (in fact, you can be a director of as many limited companies you want providing you act responsibly).
  • You can make an approach to the Liquidator to buy the company’s assets.
  • You are entitled to a redundancy claim (providing you have worked there long enough) see our director’s redundancy page.
  • A Company Liquidation should not affect your personal credit rating.

WHAT IS THE CREDITORS VOLUNTARY LIQUIDATION PROCESS?

If you think that a Creditors Voluntary Liquidation may be the route you need, we will arrange a meeting to discuss the company’s position and all other alternatives with you. Assuming that it is the most appropriate option, the necessary documents have to be completed to get the process underway, obtain valuations and prepare the information to go to all creditors. Following that the members and creditors meeting is then convened.

Choosing who you want to help you with this process is very important to make sure everything is properly dealt with. Call us on 0800 999 0666 for a free, no obligation discussion.

SO WHAT SHOULD YOU DO NEXT?

If you think that a Creditors Voluntary Liquidation could be the answer to your company’s problems, then contact Company Insolvency Advice today to discuss the company options you have. All our discussions are confidential and we can give you the advice you need to make the right decision.  We can assess your situation, wherever you are in the country, to discuss all options and look at the structure of the current business. There may be alternatives to Creditors Voluntary Liquidation and with our experience, we may be able to offer alternative solutions.

We will want to be involved in what the next steps are. We know that it is your company and any major change is a big step. All our staff understand these difficult situations and are accessible and helpful to everyone.

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