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May 18, 2016 0

An affordable liquidation process

It is well-known that starting a business is not easy. Figures show that 80% of entrepreneurs who start a business fail within the first 18 months. This can create difficulties for the directors involved, but it doesn’t have to be catastrophic.

Now there is an affordable liquidation process that will acknowledge all of your duties as a director and enable you to put the whole chapter behind you. It is called a “Basic CVL” and costs £1,995 (all inclusive).

 

A typical situation

Typical situations may include where directors:

  • have been trading for a year or so
  • have tax bills which they can’t pay
  • want to close the company to go into full-time employment
  • are nervous about the option of ‘dissolving’ their company – as they are worried that something could come back to haunt them (e.g. a creditor they had forgotten about).

 

For these situations, a fee of £1,995 (all inclusive) will enable the directors to liquidate their company with an efficient and cost-effective CVL (Creditors’ Voluntary Liquidation), whilst ensuring that they meet all of their legal obligations.

One of the duties of an Insolvency Practitioner / Liquidator is to conduct an investigation into the affairs of an insolvent company and report on the conduct of directors to the Department for Business, Innovation and Skills. This investigation includes:

  • determining what assets can be realised
  • conducting a preliminary review of the company’s affairs, Books & Records and minutes for the last 12 months to identify any unusual or exceptional transactions
  • seeing if any further recoveries can be made from any persons for the benefit of the liquidated estate.

This investigation is done in every CVL and assures the company’s creditors that everything is done properly. As a consequence, the directors can be satisfied that any problems will be addressed so that nothing will come back to cause them problems in the future.

 

For more information

Call Clarke Bell on 0161 907 4044 or email [email protected]

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