Corporate winding
up is the term sometimes given to the liquidation of a limited company,
although it may equally apply to a partnership.
We are experts in
winding up companies where the need demands, although we look at every
opportunity to save a business if at all possible. If you are a director
of a limited company and are looking at this, then it would follow that
you have concerns about the stability of your company. The main concern
of a director at this time is to make sure that appropriate advice is
taken and the position of the creditors does not get worse. If it does
then the directors run the risk of being accused of wrongful trading.
The directors are
custodians of the company assets for the creditors, and everything needs
to be done at this time to preserve the value in those assets. We have
helped many customers at times like this preserve the profitable elements
of a business and let the debt and unprofitable contracts, such as leases,
go.
We do this by placing
the company into administration, which will then give us time to review
the company and decide how best to proceed. It may be by way of a CVA,
where the creditors will vote on a proposal which would ensure that
they received a proportion of their debt over a period of a time.
Alternatively we
might arrange a sale of the business either back to the directors, or
another interested party, which would realise more for the assets than
would be achieved in a liquidation.
In some instances
we even sell the business immediately prior to a liquidation or administration.
This is known as a pre-pack sale and can preserve value that could easily
be lost as soon as word of insolvency got out.

If you would like
to talk about corporate winding up to a specialist with 17 years corporate
insolvency experience then enter your details into the web form below
for a no-obligation chat.
However,
if you need help with personal debt (rather than business related debt)
go to our free debt
management plan application form.
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move or sell your house because of negative equity? We
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