However, liquidation should always be the last resort.
It involves the sale of company assets in order to settle debts and finally the closure of the business.
In many situations, a Business Recovery Plan is a very realistic course of action to take.
A well constructed business recovery plan allows a company to improve its cash flow situation and trade out of insolvency. Liquidation can clear all your company's outstanding debts and allow you to move on.
It allows us to negotiate with your creditors to write off much of your company's debt.
It establishes an affordable repayment plan and protects your company from further action.
Having taken on employees and bought additional equipment during the housing boom this left the business in an impossible situation.
If the problem is not addressed quickly it may be too late to save your business and you could become personally liable for the debts.Individual Voluntary Arrangements (IVAs) have become increasingly common and are popular with sole traders looking to avoid bankruptcy.A Company Voluntary Arrangement (CVA) works in exactly the same way for limited companies.Often referred to as business bankruptcy, liquidation allows a company's unsecured debts to be written off and means as a director you can start again.A Creditors Voluntary Liquidation (CVL) is agreed by the shareholders when it is clear the company has no future.