Creditors Voluntary Liquidation Manufacturing Company

We were approached by the directors of a laminating Company who specialised in the manufacture of bespoke work tops. The Company had been trading for over 10 years and had developed a good reputation within their industry. However, the directors were aware that the Company was struggling and they decided to take professional advice from Clark Business Recovery.

After discussions with the directors and their accountant, it was decided that the best course of action was to place the Company into Creditors Voluntary Liquidation (‘CVL’).

The Company possessed a number of assets and employed over 30 staff. Clark Business Recovery was able to deal with all the employees and ensure that they received their full redundancy entitlement.

It was also apparent that the directors wanted to continue within this industry and start a new company, albeit on a slightly smaller scale, allowing several employees to retain their jobs by transferring to the new company. We were able to introduce them to an invoice finance company that provided the capital to fund the stat up of the new venture.

The Company’s assets were valued by an independent firm and after negotiations and with the assistance of the above finance, were sold back to the directors, thereby allowing them to proceed with their new Company without the hassle of securing new plant and machinery.

Although the process of liquidation was initially a daunting process for the directors, they are now operating a successful new business in the knowledge that any previous issues have been dealt with professionally.