Supporting Businesses Nationally
Closing a Company
Are you looking to close your business with the
reassurance that all legalities have been met?
How Opus can support business owners and directors
Our team can explain the options available to help return your business to profitability. We help business owners, directors and all stakeholders navigate their way through the uncertainty that distress brings.
What do I need to do when closing a company?
There are a number of reasons why you might want to close your company down and here are just a few:
• The company has lost contracts that it can’t replace and therefore the business is no longer viable
• A bad debt causes the company to cease trading as the cash flow hole it creates cannot be repaired
• Trading in the industry sector is challenging with no immediate signs of improvement
• Margins are squeezed and the company is loss making and its not clear how or when it will return to profitability
Where a company meets the tests of insolvency and there is no real prospect of a business to save, then a Creditors Voluntary Liquidation is the required process to wind up the company’s affairs.
Our dedicated team is on hand to provide assistance to Directors of companies in financial difficulties. When a company is insolvent, a Director has a duty to minimise losses to stakeholders. Our senior management are available to talk to you about the problems you and your company face with complete confidentiality.
Addressing the Problem
What do I need to think about before starting the process of closing a company?
- Make sure you have up to date and meaningful Management Information as this allows a wider view of the available options
- Review cash flow forecasts to establish the direction the company is taking
- Undertake a review of your accounts receivable to establish the true collectability of your debtors ledger
- Undertake a review of your accounts payable to establish what you owe to your creditors and when payment is due
- Assess the true current market value of your assets
Resources and guides
Our latest articles to support decision making for business owners and directors. These provide an overview on what is going on in the market and information about the options available when a company is facing challenges.
For more information on business options, we offer an initial free consultation to review the situation and make recommendations on the best way forward.
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