It is often a very tough decision for a director to decide whether to liquidate a company or to carry on trading. In our opinion, it’s always better to save the business through a restructuring process, with the creditors consent, than to dump all of the work in progress and goodwill that has been built up over the years.
As in all areas of business, there are always people around that will advise you to take the route that they want you to take, rather looking at the best route for you. Those types of sharks could put you into an early grave with all of the stress that may cause.
But if you have already made the decision to liquidate then make sure that you know what the consequences may be. Any money that you owe to the business will be claimed back from you. That includes illegal dividends, overdrawn directors account and unjustified expenses.
It is at this point that many directors start to wonder if it may be better to trade on the business through a restructure. The pain may be less both in the short and long term.
If you want to liquidate or restructure your business then Call TaxGone on: 01302 815846 and we’ll help you to better evaluate your options.
TaxGone - Company Voluntary Arrangement - CVA Specialists
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