Liquidation allows you to wind up your business, repay any debt and keep any leftover assets.
Whether you’re facing voluntary or involuntary liquidation, our experienced insolvency and bankruptcy solicitors will help you get the best result for you and your business.
There are two types of voluntary Liquidation. One is called Member’s Voluntary Liquidation (MVL) and allows you and your directors to wind up your company, pay off any outstanding debts and split the remaining assets between you.
The other is a Creditors’ Voluntary Liquidation (CVL). Unlike a members’ voluntary liquidation, this occurs if your company is unable to pay its debts. It involves your lenders meeting, going through your statement of affairs and agreeing on how the remaining assets will be used to pay them back.
Involuntary Liquidation happens if your lender believes that you’re unable to repay your debt to them because you’re insolvent. If this is the case, your lenders will take you to the High Court where a liquidator will be appointed and your company will be officially wound up. The liquidator will then split your company’s assets between your lenders.
At Gibson & Associates, we understand how stressful the liquidation process can be, whatever your circumstances. That’s why our experienced solicitors will take control of the situation for you, fighting to get the best deal possible and letting you get on with what you do best.
Get in touch with our insolvency team today and we’ll get back to you within 3 hours or less.