Creditors Winding Up is a term that is often applied to the technical term Creditors Voluntary Liquidation or CVL. It is the most common form of insolvency procedure for the limited company. It is commenced by the directors, who will have kept an eye on the finance of the company and concluded that the assets of the company are less than its liabilities or the debts cannot be paid as and when they fall due.
If you have a company which is struggling at the moment then we will be able to help you close that company down, place it into liquidation with the consent of your creditors and help you move on. Indeed it is the responsibility of directors who think that their company may be in trouble to seek advice and assistance, to ascertain whether or not the company has a reasonable chance of trading through its problems.
The reason for that is that the law can make a director personally liable for the losses of a company incurred after the date on which the director should have been aware that the company could not trade out of its insolvent position. This is known as wrongful trading. A creditors winding up, if initiated at an early stage, will remove this threat from a director.Our advisors are experts in deciding whether a company is technically insolvent or not, additionally they will be able to advise if the company can trade its way through or whether it must consider a CVL. A creditors winding up can be completed in as little as three weeks, including the statutory notice period of two weeks, so don’t delay, call today.
If you would like to talk about a creditors' winding up 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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