Listed below are the three types of liquidation procedures we offer from the Plymouth office :
At Neville & Co we can provide free initial advice on the different types of Liquidation in the South West. We can explain the pros and cons of each procedure and which is best suited to you in the current circumstances.
A Creditors Voluntary Liquidation is a procedure used to formally wind up an insolvent company. A licensed Insolvency Practitioner is needed for this process and this is where we come in as all of our Insolvency Practitioners are fully licensed. We have all you need to hold your hands throughout this process.
This is a Court driven process used to formally wind up an insolvent company. If a winding up petition is lodged to start a Compulsory Liquidation you should seek advice urgently as it could mean the beginning of the end for the company.
This procedure is available for solvent companies as an alternative to an ordinary dissolution of a company.
The benefits of a Members Voluntary Liquidation as opposed to an ordinary dissolution of the company are that the Directors/Shareholders can benefit by paying less tax on distributions of the assets. In addition where the distributions are to be significant, some people prefer the certainty of a formal MVL to avoid the potential risk of an ordinary dissolution being subsequently unravelled.
The sooner we are consulted by a business facing financial difficulties, the more options we are able to offer.