|Description||Oliver Elliot is a specialist firm set up by the Insolvency Practitioner, Elliot Green, who is our CEO. Putting the creditors first we are undeniably unique with our extensive experience of insolvency. We offer a vast variety of services and can accommodate you no matter what industry you are in and what insolvency services you require. We can help you in attending to your urgent and pressing insolvency, forensic and litigation issues.
Oliver Elliot is a specialist firm set up by the Insolvency Practitioner, Elliot Green. Putting the creditors first we are undeniably unique with our extensive experience of insolvency. We offer a vast variety of services and can accommodate you no matter what industry you are in and what insolvency services you require.
If you require a Liquidation and your company is insolvent a creditors voluntary liquidation might be right for you. A Creditors Voluntary Liquidation is initiated by a shareholders’ resolution.
It involves the end of the insolvent company and the distribution of the company’s assets to the creditors. This procedure enables directors to avoid unsecured limited company debts that are not personally guaranteed. That is subject to the provisions associated with Wrongful Trading which is why it is so important to get advice at the earliest opportunity.
A crucial defence to any claim for Wrongful Trading is that the Directors took every step with a view to minimising the potential loss to creditors. Directors need to be able to show what steps they took, how they took them and how those steps were of benefit to creditors. Taking professional advice and documenting what was done and the reason for it, will go a long way to being able later justify the position when it is being viewed with hindsight.
A creditors voluntary liquidation is by virtue of its name ‘voluntary’. There is no compulsion on a Director to deploy this procedure. However, many Directors consider it to be the right and responsible approach to be proactive for the overall benefit of the company and its creditors by ensuring that appropriate professional advice is taken. It will enable the processes of concluding the company’s activities are swiftly undertaken instead of waiting for creditors to take their own action themselves.
As a Director you may see voluntary liquidation as an appropriate exit from a stressful situation for you to liquidate your company; whilst addressing all of the creditors, appropriately. If the limited company has liabilities that it cannot afford to pay and you would like to move on without the stress of the company’s debts hanging over your head, this type of procedure may be an appropriate option. Although it should be seen as a last resort, liquidating a company via this route can be considered a reasonable decision.
Dephna House, 24-26 Arcadia Ave
|Telephone number||020 3925 3613|
|Nearest Tube Station||Finchley Central|
|Listing Views||44 listing views|
|Submission Date||09/01/21 (Edited 01/08/21)|