There is a solution, it is called creditors voluntary liquidation.
What does liquidation mean and how does it work? How to people go about winding up a company?
What is liquidation? It's really a straight forward answer: creditors voluntary liquidation or compulsory liquidation means the end of the company and its assets are then "liquidated" or turned into cash for the creditors if any assets are available.
It is quick, relatively painless for you as directors and CVL brings an end to worry, if you have acted properly, and it will allow you to get on with your life.
What is a "Phoenix"?
You can liquidate a company and start the same business again, but only under strict rules and conditions. This is a potential legal "minefield" and you need to take proper advice. DO NOT USE the same name or similar name as this can be a criminal offence. Call us if you want more details.
5 Simple Steps to liquidate your company:
Step 1 – Find a Liquidator. We can help as we have a number of insolvency practitioners. Uniquely to KSA, YOU can speak to one of our IP's TODAY, if you call now on 0800 9700539 or 0191 4823343. It is not possible to liquidate your own company, as the law just doesn’t allow it.
Step 2 - Pass details of any company assets over to the proposed liquidator, and our valuers may get these valued. This will independently set the value of the assets for going to auction, or you may wish to buy them.
Step 3 – Let us know who the company owes money to (creditors). KSA will write to them all to let them know what’s happening and tell them that a creditors meeting will be held. This will quickly remove creditor pressure from YOU and they will start talking to KSA instead!
Step 4 – Give us all company information and books and records. KSA will give you a list of all the information we need in order to liquidate your company. This information will allow us to prepare the necessary reports for the creditors. Step 5 – A company director needs to "chair the meeting of creditors". In actual fact the liquidator will run the meeting but you or one of your directors must attend it by law. The meeting of creditors is usually a simple short meeting with no one attending.
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Want to speak to a friendly trained advisor? Contact KSA CompanyRescue Newcastle on 0800 9700539 or 0191 482 3343 now.
What if the company can be viable?
But, before you decide on liquidation as the correct option, you should also consider whether your company can be viable if radically restructured and, if so, how can you get help. If there is a viable business in there but you are tired and distressed we can still help. Many people call us saying liquidate my company please! Then once we take away the pressure and look harder at the business problems we can often see a solution. This could be a company voluntary arrangement.
Because KSA CompanyRescue is "on the outside looking in" we can often see possibilities that you cannot. We are also experts at using the law to restructure companies so call us and discuss liquidation versus the CVA options. Our advice is always this: consider all other options like CVA first before deciding to liquidate!
Clearly, if the company has decided to liquidate, we can help you with the process quickly and with understanding. One of our national team of insolvency practitioners can start the CVL process as quickly as today for you if that’s the right decision. Someone said I cannot be a director of another company if we go into liquidation?
Sorry, that's complete nonsense! Providing you have not been made bankrupt or disqualified, you can be a director of as many companies as you like.
Want more detailed guides to liquidation, want FAQ's? Please visit our main companyrescue.co.uk website detailed guide page here:
http://www.companyrescue.co.uk/company-rescue/options/detailed_cvl.aspx