The dynamic and competitive environment in which businesses operate today often displays continuing threats of slowing growth opportunities, increased competition and uncertain economic positioning.
A company’s performance and sustainability within a market and/or industry now has the ability to change overnight with the consistent expansion of digital marketing and communications platforms.
At CRS Insolvency Services, we believe in the importance of continually assessing and evaluating your company’s financial situation to ensure that the possibility of operating while insolvent is avoided.
The question to be asked is:
Can my company pay its debts as and when they fall due?
If the answer to this question is no, CRS Insolvency Services advises that you take early intervention and consider voluntary liquidation.
What is voluntary liquidation?
Voluntary liquidation is an appropriate choice if there has been an insurmountable surge in company debt (i.e. it has become insolvent).
The voluntary liquidation process demands the fair distribution of company assets to owing creditors. Necessary investigations into company affairs are undertaken to declare that all debts and payable assets have been accounted for.
Why enter voluntary liquidation?
Unlike a court appointed liquidation, voluntary liquidation is initiated by the company members (i.e. directors and shareholders) and is not forced upon the company by court of law.
By appointing a third party to your company’s voluntary liquidation, creditors’, director/s’ and members’ interests can be protected while the voluntary liquidation process takes place. If in the case of a court appointed liquidation, creditors, directors and all other members receive little entitlement and/or say in the winding-up of affairs.
Who conducts the voluntary liquidation?
The voluntary liquidation process can be managed by a specialist liquidator, who is generally a specialised accountant experienced in company liquidations.
For more information about the process of voluntary liquidation, call CRS Insolvency Services today on 1800 210 073. We have a team of licensed liquidators ready to assist your case. Don’t let your company’s debts get the better of you. Contact CRS today for the right solutions tailored to suit your situation now.