If a company cannot pay its debts as and when they fall due and have more liabilities than they do assets, then the company will be deemed insolvent. At this stage it is better to take action as any delays could result in the position getting worse, some options running out and potential liabilities to the directors.
Sometimes, it is inevitable that a company will need to close. If it is at this stage, we will make sure that all other avenues are explored and then advise on the most appropriate closure route.
We understand that there will be job losses and lots of mixed emotions from all people connected with the firm. This is particularly difficult if it is a family business.
There may be liabilities that directors of other key persons will become responsible, such as a personal guarantee from the bank. We will take all this into account.
Whatever way a company is closed, at Immigration Tax Partners we make sure that this is done with decorum and professionalism in a timely manner.