Liquidation – Creditors Voluntary Liquidation
Creditors Voluntary Liquidation:
Where the company is not able to pay its debts. If you know that your business is not able to cover its liabilities, call us for help: 0330 053 6790.
What is Liquidation?
Liquidation is a process where the business stops trading and the assets are sold to pay off creditors.
The assets can be sold via an auction or they may be sold back to the former Director.
A Liquidator must be appointed if you are liquidating a company. This is an authorised Insolvency Practitioner, who takes responsibility for liquidating the company and ensuring the creditors are paid in the correct order.
Is liquidation the best option for your business?
There are many benefits of creditors’ voluntary liquidation which include:
- Your debts are written off
- Creditors are dealt with and can no longer pursue you for payment
- You can start a new company
- You are not personally liable (unless you have entered into personal guarantees)
- We may be able to negotiate and reduce your personal guarantees
If you are considering liquidation and you want to know if it is the right option for you and your business, the next step is to speak to a qualified Insolvency Practitioner.
There are many other alternatives to liquidation, and the best solution for you depends on the unique position your business is in.
It is really important to seek expert advice as soon as possible to make sure that you choose the right options for you and your business. To discuss your unique situation and get some advice on what is right for you, give us a call today. 0330 053 6790 or drop us and email: firstname.lastname@example.org
Our highest priority is finding the best solution for you and your business.
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