Creditors Voluntary Liquidation, READ THIS FIRST!
Before you appoint anyone to take you on this Wonderland Escape route, find out what obstacles you could face to get there and how much this process will really cost you both financially and reputationally.
The problem with the above is that once you have entered the Insolvency system, any escape route costs you personally! Your family home, any savings you have, and any other business interests you have could all be at risk.
How do you escape the present-day hassle worry-free?
Research, as you would do with anything else, to find out how the system could bite you and what the exact cost to you would be. Alternatively, consider what else you could do to get you out of the hole you and your company are in.
How do you do that?
Speak to us at Directors Beware. We listen to your needs first, then the company’s, to find out what you want to achieve. We provide you with alternatives and, if you want to go along the Wonderland Escape Route, tell you how much it will cost and whether there is a chance of you being disqualified as a director or being financially liable for any company debts.
If, of course, while a director, you have not got an overdrawn loan account, you have not paid yourself a dividend when the company was not solvent and/or had not made enough profit to pay that dividend, have not sold company assets at an undervalue, have not made preference payments to creditors, have told the truth about your company when obtaining loans, have not wrongfully traded, have not been in breach of your director’s duties, have only made honest requests for furlough payments and sent the money awarded to your employees, and have used any loans to the company for the furtherance of the company’s objectives (not yours) and you know that to be the case, then there is no need to use us before you enter the Wonderland Escape Route.
Additionally, if you owe the company money, you will want to know before you are in a relationship with only one Insolvency Practitioner (IP) (the people who will act upon a liquidation and once appointed will control you and the company for the benefit of the creditors) and can then only accept their terms of repayment of the debts that you owe.
Although there are plenty of websites that claim to help you when something has gone wrong after instructing an IP for a CVL, the “milk has spilt.” Wouldn’t you have preferred that someone told you the pitfalls as a director when entering into a CVL rather than saying “I told you so” and this is the cost of scooping the milk back in the bottle? As we all know, you never put it all back after the event.
We have not set up this service to help you after the event. We are here to make sure you are fully aware of your potential risks as a director (not the company’s risks) if instructing an IP for a CVL.
We uniquely have a panel of IPs, and we shall let each of them know anonymously the problems of your company, the amount you owe to the company, what assets you have, and what earnings you have. We will get you offers from each of them, i.e., how much for a lump sum and how much for a payment plan, and how long the payments are for. Plus, we ask how they would report to the Insolvency Service to see if they would be interested in disqualifying you as a director.
All this is done BEFORE you enter the Wonderland Escape Route and appoint a particular IP. Call Nigel NOW I only help you if an Insolvency Practioner has not been appointed.
We cover everything you need to know about this legal process and you can contact me anytime by phone or email to ask anything related to Statutory Demands.
Ask Nigel Now 07977 923 298 – nigel{at}directorsbeware.co.uk
8am-9pm 7 DAYS A WEEK
