Voluntary liquidation is the quickest most efficient way to deal with an insolvent company that has no future.
As a director of an insolvent company, you are at risk if you do not act.
All banks will agree a deal to repay the PG over time - provided you work with the bank to reduce their exposure. This is clearly a general guide so, if you have any worries at all, please, just call us and we will talk you through the situation free and with expert guidance for your situation.
One great piece of FREE advice - always make sure that ALL tax returns, VAT returns and annual returns have been completed and sent in and that other "compliance" issues are dealt with wherever possible. Call one of our advisors or if you prefer, call our IPs (or insolvency practitioners) now: or 020 7887 2667 now?
This is known as a conduct report on each director.
Did you know that if the OR finds that the directors have knowingly traded whilst insolvent and they failed to act, took credit without reasonable prospect of repaying the debts, failed to submit accounts or a number of other offences, then it is possible ?
What is more, if as a director you have been compliant and on the payroll for many years, you can actually claim redundancy from the government like any other employee. If you have signed personal guarantees or indemnities to lenders, then the liquidation could lead to them being called in if the bank cannot get its money back from the company.