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.
Abbott Adams 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 your complex structures are no longer required, however some of the old entities may need to be either liquidated and or deregistered.
- The last common situation is a company has ceased trading yet you are seeking to extract tax benefits via lodging of your final tax returns.
In the unfortunate event that that winding up of your business is the only plausible option Abbott Adams 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!