Wind Up My Business

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Wind Up My Business

Want To Wind Up Your Business? What Are The Options?

 

Wind Up My Business is a web-based service specially for business owners who have reached a point where they feel they need specialist advice because their business is showing signs of failure, or is actually failing.

Winding up your business could not be easier. A plethora of options exist for company directors who now find themselves in a situation where the business is struggling, and it can no longer continue. Indeed, if your business is as a sole trader, a partnership or a limited company, a solution exists that would enable that business to be closed and, if required, another one of whatever style and formation created in its place.

A sole trader business can be closed and, if personal liability exists, this can be managed via solutions such as informal arrangements, debt management plans, IVAs and even bankruptcy. If a new start is required a limited company option can be considered and the existing rump of the business transferred into the new legal entity, often for deferred consideration.

A partnership can be wound up in the same format as a limited company, and indeed the powers of the insolvency practitioner in this situation are akin to those of a company liquidator. It is important to make sure that the liabilities of all partners are ring-fenced as well when the partnership is wound up. Again this can be done via informal arrangement, Debt management or IVAs.

A limited company is generally wound up by an insolvency practitioner, called in by the director, who will have decided that the company is insolvent and cannot continue to trade. They will have considered their own position with regard to wrongful trading. The shareholders will also have consented. Of course, in many instances directors and shareholders will be the same.

The process allows assets of the business and the ongoing trade to be sold or transferred to another entity leaving the debt behind. This is known as phoenixing, and is very popular and easily achieved.

If you want to wind up your business and would like to know more about the options available, here is the opportunity. Our legal team is supervised by a specialist with 17 years corporate insolvency experience and will be happy to phone you at a time that you prefer for an informal, no-obligation chat. Enter your details into the web form below to proceed further.

However, if you need help with personal debt (rather than business related debt) go to our free debt management plan application form.

 

 

 

 

 

 

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invoice discounting

business bankruptcy
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company bankruptcy
voluntary arrangement

pre pack administration

voluntary liquidation
business liquidation
wrongful trading
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