Corporate winding up is the term sometimes given to the liquidation of a limited company, although it may equally apply to a partnership.

Any town in the UK will have experts in winding up companies where the need demands, although they should look at every opportunity to save a business if at all possible.

If you are a director of a limited company and are looking at this, then it would follow that you have concerns about the stability of your company. The main concern of a director at this time is to make sure that appropriate advice is taken and the position of the creditors does not get worse. If it does then the directors run the risk of being accused of wrongful trading.

The directors are custodians of the company assets for the creditors and everything needs to be done at this time to preserve the value in those assets.

You should try and find someone who has helped many customers at times like this, preserve their profitable elements of a business and let the debt and unprofitable contracts such as leases, go.

This can be done by placing the company into administration, which will then give the Insolvency Practitioner the time to review the company and decide how best to proceed. It may be by way of a CVA, where the creditors will vote on a proposal which would ensure that they received a proportion of their debt over a period of a time. Alternatively the insolvency expert might arrange a sale of the business either back to the directors, or another interested party which would realise more for the assets than would be achieved in a liquidation.

In some instances the professional helping you can even sell the business immediately prior to a liquidation or administration. This is known as a pre-pack sale and can preserve value that could easily be lost as soon as word of insolvency got out.

If you have concerns about your business, you could have a professional sat in front of you in a matter of days, planning a future. Please do not delay as time is often of the essence in times like these. Take professional advice now.

Information provided by Steve Thatcher of Help With Debt (UK) Limited and total debt solutions company.
For all further reading see http://www.helpwithdebtuk.com
For personal contact email sthatcher@helpwithdebtuk.com
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If you have any debt problem whatsover either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406

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