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July 26, 2013 0

There are a lot of so-called Insolvency advisers who are offering very cheap Liquidation services to company directors and owners.

Be very wary of such firms.

A lot of them are not regulated by a recognised professional body, such as The Institute of Chartered Accountants in England and Wales (ICAEW).

What most of these unregulated firms are actually offering is a service whereby they merely prepare a Petition for Winding Up your company.

They are NOT formally placing your company into a Creditors Voluntary Liquidation (CVL).

 

The effects this can have on your future

By letting your company go into Compulsory Liquidation, it is important that you understand what the effects will be on you:

  • It is very likely that your future credit terms from lenders with be adversely affected
  • Professionals (e.g. banks & other lenders, accountants and solicitors) take a dim view on directors / business owners who take this course of action
  • At best, you will be viewed as someone who has been complacent and reckless with regards to your fiduciary duties
  • At worst, they will think you are a rogue.

 

The better option for you

If you care about your future business reputation in any way, you are far better to Liquidate your business voluntarily with a Creditors Voluntary Liquidation (CVL).

Clarke Bell charge from £3,500 (+VAT) for a CVL. (The fee is determined on a case-by-case basis).

(Included within our fee is a Statement of Affairs fee for the Accountant involved.)

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