| In these hard economic times business is very hard. | | | | aspects of liquidation necessary to make sure all |
| If you are a company director looking for a bit of | | | | creditors now what is going on and how they can |
| advice because your haulage business is struggling, | | | | participate in any dividend. This is called a CVL or |
| you have come to the right place. I have created | | | | creditors voluntary liquidation. |
| many articles which try to help a director take the | | | | There is a fee for all this and generally it will be about |
| right steps in either closing or liquidating a business or | | | | £5000 whoever you use around the country. There |
| pre-packing a sale and starting again. | | | | are some advertisements for liquidations at less than |
| Firstly if your haulage company is insolvent you have | | | | this but by the time all costs are accounted for, it will |
| a duty as a director to close the company and not | | | | still come in at about the same sum. |
| incur any further debt, unless you can be pretty sure | | | | These costs can come out of the assets of the |
| that you can put in place a rescue plan to turn that | | | | haulage company and indeed many businesses do |
| business around. If you can’t them you need to | | | | have just enough assets or cash to take this final |
| liquidate the company yourself or take professional | | | | step. For many businesses, the central core of what |
| advice on how best to close the business in an | | | | the business does is still profitable and so often |
| orderly fashion. | | | | directors will want to continue to trade. This is easily |
| By far the most popular choice is to engage an | | | | possible and a sale of assets can be arranged to a |
| insolvency practitioner to call a meeting of creditors | | | | new company and a lease re-assigned by a landlord, |
| on your behalf, prepare the statement of affairs, | | | | which often leaves the new company trading on in |
| hold the meeting and then deal with all the procedural | | | | the same line of work from the same premises. |