Winding Up of A Company: The Process Explained
As unfortunate as it may be there may well come a time when the will to carry on the battle is lost.
Magnus can advise what your options are in this situation. Company liquidation and winding up of a company can often be the solution however it is important to have expert guidance as insolvency is a minefield for the inexperienced.
The best advice is to act early as deferring the decision will eliminate favourable alternatives – and quickly!
Typical situations leading to winding up of a business include:
- The demands of creditors has simply just become too much and the Director cannot see a way of trading out. It may also be that a Directors Penalty Notice or Creditors Statutory Demand has been issued.
- Another circumstance will be that complex structures are no longer required and the old entities need to be finalised.
- The last common situation is a company has ceased trading and you are seeking to extract tax benefits via a final dividend.
In the unfortunate event that that winding up your business is the only plausible option Magnus will work with you to give you the best possible chance of re-emerging in the best financial condition you can.
All is not always lost!
Call us for a confidential chat about your individual options.