If your business is insolvent and you need advice on closing a company, liquidation or how to deal with business debt, you’ve come to the right place.
Whether you’re looking to clear the decks and start again, close a business that’s run its course or rescue a business with a viable future, seeking business insolvency advice early will maximise your options and provide much-needed peace of mind for both you and your employees.
For company directors, there are several formal ways to help you achieve the outcome you desire. Deciding which business insolvency option suits you best will depend on your individual circumstances and what you are looking to achieve, which is why our expert team is on hand to provide help and advice every step of the way.
If your company is struggling to pay its debts but would be viable if it could be restarted, then a pre-pack administration might be the right solution for you. A pre-pack administration is essentially a way to close down and restart your company without the debts. It allows the business to be packaged and sold to a new company that is often controlled by the same directors, providing that strict statutory requirements are met. Find out more about how to close down and restart your company with pre-pack administration here.
Company Voluntary Arrangement
A company voluntary arrangement is a business rescue and restructuring option which can help to ensure the survival of your company. If your company is experiencing financial difficulties and you are looking for a way to carry on trading, a CVA is a powerful tool that essentially allows you to ring-fence your business whilst a solution is found. The process typically takes between 7-10 weeks and involves your creditors being repaid out of any future profits made. Find out more about if a company voluntary arrangement is the right solution for you here.
Creditors’ Voluntary Liquidation
If your company is insolvent and you want to close the doors and walk away, a creditors’ voluntary liquidation can help you do just that. Once the process has begun, a CVL is fairly straightforward: creditors will be dealt with, leases are cancelled, and no loose ends are left untied. If you would like to find out more about the creditors’ voluntary liquidation process or if you need pre-liquidation planning and support, our team can help with everything from asset protection and directors’ liabilities to staff redundancy. Discover more here.
Members’ Voluntary Liquidation
If your company is solvent and can pay its debts but you want to close its doors, a members’ voluntary liquidation – also known as a solvent liquidation – can be used to formally wind up your company affairs and tie up any loose ends. Whether you want to retire or step down, or if your company has fulfilled its purpose, in an MVL any cash or assets will be quickly distributed to shareholders and directors in the most tax-efficient way before the company is legally closed. Find out more about how to process works here.
With over 20 years of experience, McAlister & Co are one of the most in-demand licensed insolvency practitioners in the country. We provide expert advice on business insolvency to directors, sole traders and partnerships about the variety of different options available and can help to:
- Deal with staff and unpaid wages
- Deal with your creditors
- Liaise with bailiffs, solicitors and court officials
- Dealing with Landlords
- Safely close a company and restart
- Give you breathing space to make informed choices
- Obtain a valuation of business assets
- Assist in gaining business finance
- Identify personal guarantees and potential liability
- Protect your family home and personal assets
- Negotiate with HMRC on your behalf
Times of financial uncertainty can be incredibly confusing and stressful, but rest assured you don’t have to face financial difficulty alone. Call us now on 03300 563 600 or contact us here for free initial advice on business insolvency. Rest assured, we don’t need personal or company detail to answer initial questions, and all our advice is completely confidential.