It’s a sad fact but many businesses based in and around Leeds may encounter financial problems from time to time. If you are the director of a Leeds-based business that is experiencing cash flow and debt problems, you may be considering placing your company into liquidation.
Putting a company into liquidation is the recommended route when a company has run out of cash and cannot continue to trade because it is no longer viable.
Choosing to place your company into liquidation is a difficult decision to make for you as a company director after you have invested time, money and effort into building your business, but if the reality is that your company cannot recover from its financial problems, a company liquidation may be the best option.
But what is liquidation, and what does it mean for your company?
Liquidation is the process of closing a company down and liquidating its assets in order to repay creditors as far as possible. If creditors cannot be repaid, their debts against the company are written off as part of a liquidation process. A liquidator can be chosen by the company and their role is to deal with the liquidation and to oversee the closure of the company.
If you are a Leeds-based company and are considering going into liquidation, call us today to explore all the options and to see how a liquidation may be the best option for you.