Types of Liquidation
Liquidating your business does not necessarily mean you have failed as a business. Many companies find it a tough and challenging struggle to maintain a healthy cash flow.
Many companies find their debts increase due to customers failing to pay invoices or unexpected bills or increased overheads.
In this case, you might consider liquidating your business. You may have heard of liquidating a company; some people call it “winding up a company.”
There are different types of liquidation when a business is insolvent.
A compulsory liquidation is a where a creditor issues a petition through the Court to have the company liquidated. If your business goes into compulsory liquidation then you, as the business owner, will have almost no control over the process.
To prevent this, a Creditors’ Voluntary Liquidation (CVL) could be an option, whereby the director of a company choses to voluntarily end the business and liquidate all of its assets.
(There is also a Members Voluntary Liquidation (MVL) which is a ‘solvent liquidation’. This can be used to close down a solvent company in the most tax efficient way.)
Liquidation With Clarke Bell
At Clarke Bell, we have been working since 1994 to help many hundreds of businesses across the UK with the liquidation process.
We will handle most of the paperwork, so you can have the peace of mind that everything is being taken care of. If you are considering liquidating your company / company liquidation, contact Clarke Bell today.
From the moment you contact us, you will receive honest and practical advice.
Whatever your financial situation, even if you think there is no hope, Clarke Bell can offer you support and valuable advice.
As well as liquidation advice, there are many other business rescue solutions available which Clarke Bell can advise you on.