Insolvency Solutions for Companies
In all cases we will always look at the possibility of saving some or all of the business first. All may not yet be lost – it may be possible for the existing directors to purchase all or some of the business and assets – please speak to us!
Some of the formal insolvency procedures are briefly introduced below:
- Administrations – appropriate where the company can be rescued as a going concern or would allow a better return than liquidation.
- Creditors Voluntary Liquidation – this procedure allows the directors more control over the winding up process. It commences with a Board meeting recommending to shareholders that the company be wound up and the shareholders appoint the liquidator. The creditors then usually ratify this appointment.
- Compulsory Liquidation – where there are few funds available the directors may petition for the winding up through the courts. We can assist with this process and deflect creditor pressure from you.
- Members Voluntary Liquidation – used where the company is solvent and as a mechanism for formally winding up the company and releasing the residual funds to shareholders in the most tax efficient way for the shareholders.