1. The business in its current guise will no longer be able to trade and ceases to exist

2. You’re going to be restricted from using the same or a similar name

3. Overdrawn directors loan accounts will have to be repaid to the company

4. There will be an investigation into your conduct as a director

5. Any personal guarantees you have signed will be asked to be repaid

6. If you’re starting again your new business may find it harder to apply for credit

7. Your employees will be made redundant

8. Your liquidation may not affect your personal credit score but it is publicly available information

9. Have you made any preference payments from your business before you liquidate?

10. If you have failed in any of your duties as a director you could be held personally responsible for some or all of the companies debts

If you are a director who is worried about liquidation and what it might mean for you and your company, get in touch for a confidential conversation today.

Thanks,
Chris
1st Business Rescue

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