For some companies, the turnaround of its fortunes is just not possible and the formal insolvency options aimed at rescue, CVA and Administration, are not appropriate. If the business has no future, the company should be put into voluntary liquidation to bring its life to an end.
The liquidator will deal with the affairs of the old company and will distribute the available funds to those creditors that are entitled to them and this can have a critical impact on the directors if they have given personal guarantees.
If a company’s directors do not take timely action to address an insolvency issue then HM Revenue & Customs, or any other unsecured creditor, can petition the Court to have the company put into Compulsory Liquidation. If that happens, the directors’ options are immediately reduced and specialist advice is needed.
However, if the business is viable, it may be possible to make a fresh start for the business under a new company. The assets of the old company will need to be sold but the new company has an opportunity to buy what is needed. There are a number of legal issues and requirements that must be dealt with properly in order to ensure that the new company and its directors are fully compliant to achieve the best outcome.
We will advice you the best option.
We practice since 1980.
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Please contact Panos Eliades Franklin & Co at the below address for any inquiry:
Panos Eliades Franklin & Co
London, NW11 8RQ
Tel: +44 (0) 20 3026 4881
Tel: +44 (0) 20 8731 6807
As experts with wide experience, we understand that from time to time businesses fall into financial difficulties that can’t always be avoided. Over the years, we have learned that it’s best to act quickly and respond to any signs of insolvency. Whilst there is a legal process to follow, there are steps we can help you take to ensure you protect yourself as much as possible.
The liquidation of a company can be a challenging time for all involved, that’s why our team of experts are on hand to offer you a confidential, free of charge, no obligation consultation where we will assess your current position and advise you on what the next steps are.
Our experienced team guarantees that we offer low cost liquidation solutions and we don’t charge for that important initial face-to-face meeting. In addition:
All our liquidation experts are licensed with the Insolvency Practitioners Association (IPA).
Our highly experienced support staff hold the Certificate of Proficiency in Insolvency alongside other professional qualifications.
You’ll be able to sit down with one of our licensed advisors and explore all the issues and potential solutions for your company.
We handle all forms of the process and are highly recommended by financial professionals and former customers alike.