Own a company that is unable to pay its debts?
If you own a company experiencing financial problems due to the amount of outstanding debt owed to creditors then the services of a group of solicitors with expert knowledge of liquidation procedures is just what you require. volantaryliquidation.net (located via Solicitor Search Network) will work with you to decide whether firstly voluntary liquidation is the right option for your company or whether agreement could be reached to resolve your debt problems by extending the credit terms. It might be that a Company Voluntary Arrangement or Administration would buy the time needed for the company to return to health and also improve your creditor’s returns also.
If however your company has too significant a debt problem that the only option left is voluntary liquidation you should seek legal advice on to proceed. There are different types of company/business liquidation – voluntary or involuntary. Compulsory liquidation occurs when the creditors, people or other companies who are owed money by you decide to take you to court for non-payment which can then result in your company being forced into liquidation – a process whereby any assets owned by the company will be seized in order to repay those creditors it owes money to.
I f your company is insolvent you, any directors or partners may prefer to start the process of voluntary liquidation off under a Creditor Voluntary Liquidation scheme. Alternatively the process can be started by shareholders under a Member’s Voluntary Liquidation scheme. However you will require legal advice as to which creditors should receive payment first such as employees with unpaid wages/redundancy rights. Legal help will be required when realising or selling off the assets and it is important that assets are not undervalued.
If your company is nearing insolvency due to another company owing for stock or services supplied by you then your solicitor will need to start legal proceedings in an attempt to obtain payment. Where you consider the company debt problems have been caused by the negligence of one of your directors/trading partners or in the unfortunate event of a partner/director mishandling money or property belonging to the company then you will receive advice on how to seek redress for their actions.
Your volnataryliquidation.net solicitor will ensure that you find the best solution to your company’s debt problems and will provide the legal support required when facing insolvency/liquidation worries.
