Across the country dozens of businesses close every day, so great and fast is the pace of change. This means we are often asked to help just to close down a business, doing the work insolvency practitioners are typically known for.
If your company:
(i) cannot pay all of its debts in full – including employee redundancy costs and pension shortfalls (both of which can be considerable)
(ii) has a level of assets which can be used to pay for a liquidation
then a creditors’ voluntary liquidation might be the best way for you to close things down.
This is because a creditors’ voluntary liquidation / CVL is a quicker and less expensive process than the alternatives. That’s not saying that it’s a particularly cheap process though, because it isn’t – being a formal legal process, there’s a certain amount of work and paperwork we have to do.
If you’d like to discuss your options for closing down your company, give us a call on 01902 672323 and we’d be glad to give you some guidance.