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 in London up to a specialist with many years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.
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