Winding up a company need not be the end of the road.
Making the decision to wind up your company is an extremely difficult task. As the business owner, you have invested a huge amount of your time, effort and money into your business and if it does not succeed, the failure of a business can be a massive blow.
Winding up a company that is struggling financially can be a wise option if the situation is only likely to get worse. As a company director, you have a duty to limit the losses to your company’s creditors and knowing when to stop trading and close the doors is important in order to avoid breaching that duty. Winding up a company is not the only option however and if your company is based in Yorkshire, it is good to know that there are insolvency specialists nearby to help at this difficult time.
If your company is facing threats from creditors (including HMRC) and is struggling with unpaid bills and poor cash flow, winding up may be the only option. But there are several other options that you need to con`ider and it is therefore important to take specialist advice from an insolvency expert as soon as possible.
Moorhead Savage has years of experience in dealing with struggling companies throughout Yorkshire and the UK. As licensed experts, we will help you to explore all the options so you can choose the route that is right for your company.
I think I need some specialist advice – what do I do next?