Which option is right for your company?
Every company in difficulty comes down to one question: can the business be saved, or does it need to be closed down properly? Start with the situation that sounds like yours, or call us and we will tell you which applies.
Rescue the company
The business is viable but weighed down by historic debt. There are procedures that protect the company from creditors and give it room to recover and keep trading.
- Company Voluntary Arrangement (CVA)Viable companies held back by historic debt
- AdministrationInsolvent companies needing protection from creditors
Close the company properly
The company has no realistic future, or it is solvent and has served its purpose. A liquidation brings it to an orderly end and settles matters with creditors or shareholders.
- Creditors' Voluntary Liquidation (CVL)Insolvent companies the directors decide to close
- Compulsory LiquidationCompanies facing a winding-up petition
- Members' Voluntary Liquidation (MVL)Solvent companies the shareholders want to close
Facing something specific right now?
Not sure which route fits? Ask us
Tell us the position in a short call and we will tell you honestly whether your company can be rescued or should be closed. Free, confidential, no obligation.
the Institute of Chartered Accountants in England and Wales (ICAEW) · Serving the whole of the UK · NTF group since 2009