A company winding up is the mechanism by which an insolvent business legally ceases to trade with the help and assistance of an insolvency practitioner. As a company director you need to be constantly aware of the financial position of your business, and take steps, if you conclude that the company is insolvent, not to increase the debt levels. If you conclude after a review that the company can be turned around, then you are allowed to trade it, but such decisions need to be minuted at meetings and evidence of the steps taken documented.
If the company winding up has an underlying good business, but will not trade through its problems then the business should be closed. But it could continue in another guise, with a pre-pack sale to a phoenix company.
The liquidation is begun by directors reporting to the shareholders that the company should cease to trade. They will then generally approach an insolvency practitioner to help prepare a statement of affairs and call a meeting of creditors, who will ultimately vote to liquidate the company. Winding up a company generally takes this form.We are ideally placed to help you take the first steps, which will include preparing the necessary paperwork, and also getting the finance in place for a pre-pack if so required. It is generally thought advisable for directors to take the bull by the horns and begin the winding up process themselves as it is a clear sign of corporate responsibility.
If your company is insolvent and you require advice and assistance on how to wind up your company please do not delay, contact us today.The company-winding-up process is not difficult, but we understand that it can be emotional. We can help take away those feelings of guilt, and explain that many thousands of businesses struggle each year in this way. You are not alone, but delaying contacting us could make matters worse for your creditors, and ultimately that may reflect upon you.
If you would like to talk about a company winding-up service in London to a specialist with many years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.
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