You have carried your company as far as it can go. Rough times have prevented any further expansion. It is now time to cease operations and to get out before any further harm is done. It is best to wind up your company in a planned and organized way. You don’t want any loose ties, unmet obligations, or liabilities that may haunt you in future ventures. Whether or not you have experienced in Voluntary Liquidation, you should enlist the help of professional Insolvency Practitioners. They will provide you with the advice and assistance you need to dissolve your business in the tidiest way possible.
If your company is insolvent, if it owes more in debt than it can pay, there are particular things you will need to pay attention to. Your most important aim will be to ensure that neither you nor anyone else on your board of directors is held personally responsible for the debt of the company. Such legal matters must be resolved and settled before your company is struck off the list. Otherwise, creditors can come after you for the remaining debt.
You must also protect yourself from lawsuits based on wrongful trading or other charges of deceit and misconduct. The insolvency company you work with will review your books and all the actions you took prior to the liquidation. In most instances, companies go into voluntary bankruptcy because market conditions went against them. This can happen at any time. Indeed, if your company grew and the business showed promise at the beginning of trading, it is much easier to defend yourself against accusations of misconduct and gross incompetence.
Professionals can anticipate all such threats to your reputation and personal finances. They can also ensure that you liquidate in such a way that your creditors are able to get the most amount of money possible.
These are very delicate matters. You cannot trust them to any old vendor. The company you work with should have extensive experience and expertise in working with businesses like yours. You must take care in choosing the insolvency practitioner you hire. The firm you select should be transparent and honest with you about your position. It should also be filled with thoroughly competent experts. You cannot afford a single mis-step during liquidation. Any mistake can leave you vulnerable to legal action, and can further ruin your chance to start another venture. The firm you work with should also offer reasonable fees for its services.
You should also work with a firm that is willing to stand by the solutions it provides. Like any other supplier or vendor you use, you will need to sign a contract. That contract should detail the exact deliverables. It should also contain language that allows you to hold the firm to its promises. Liquidation will be the last act of your company and one of its most important. You should be able to hold the firm that helps you with that accountable. You should hold it to the highest standards in the industry.