Considering a Voluntary Liquidation? Explore Your Options with Us
Are you considering a voluntary liquidation of your company? Usually, when most people think about company liquidations, they think of liquidations forced by bankruptcies or ordered by the court. However, the end of a company does not always have to come about in this manner. In some cases, the best option might be to pursue the voluntary liquidation of a company before bankruptcies or court orders come into the equation. That’s where Don’t Be Limited can lend a hand.
Tips Regarding the Voluntary Liquidation of a Company
If you are thinking about voluntary liquidation, you might not know where to start or even how to gauge whether liquidating your business is the right option. Here are a few tips to help you find your footing in this uncertain time:
- Keep your options open: There’s a reason we named our business ‘Don’t Be Limited.’ We think it doubles as arguably the most important advice to keep in mind if your business is in a tough spot, which is to keep all your options open. Too often, the voluntary closing of a company is seen as an act of giving up. Business owners usually see more romance in sticking things out to the bitter end. Just keep all your options open, at least until you’ve heard some third-party opinions.
- Assess your bills: Is your company a month or two behind on payments to all its creditors? Is the amount you owe close to or greater than the profit from an average year of trading? These questions typically provide a good gauge of the overall health of your company. If you answer yes in either case, it may be time to start looking at liquidation as an option to pay off those debts.
- Sit down with a professional: Sitting down with an independent liquidator can help you view the situation from a new perspective and determine the best path forward for all involved parties. At Don’t Be Limited, we are happy to play that role for you and your business.
What You Can Expect from Don’t Be Limited Regarding Voluntary Liquidation
As you pursue voluntary liquidation (also known as Creditors’ Voluntary Liquidation, or CVL), our liquidator David Thomas will work with your shareholders and creditors to execute a liquidation process that is agreeable to everyone. Here are a few of the superlatives David brings to the table:
- Honesty: Is liquidation the right option for your business? Are there other possible turnarounds for the company? What is the best choice to honour your creditors, shareholders and staff? We will answer these questions and others candidly and with an impartial third-party perspective.
- Integrity: Accountants or bankers might tell you that another loan or mortgage can save your business. In some cases, that might be true. In others, you might end up digging a deeper hole and extending your business risks to your home and other personal assets. We will never make recommendations that we don’t believe to be in the best interests of the client.
- Compassion: We know that liquidating a business can feel like nothing less than giving up on a dream. We approach each client with unreserved compassion and from a viewpoint that liquidation can and should be a new beginning rather than the end of something.
Why Customers Should Use Don’t Be Limited
Even if you aren’t sure whether liquidation is the right option for you, sitting down with David and exploring potential paths forward will be an enlightening and helpful exercise. We also require no starting fee, which means you can come to us for advice and guidance without more costs hanging over your head. If you are thinking about Creditors’ Voluntary Liquidation, we hope you will reach out to us today to schedule a consultation.