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
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
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.
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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