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Although not a formal procedure it may be possible to negotiate payment terms for certain debts, most commonly with HM Revenue & Customs.

A company voluntary arrangement, often referred to as a CVA, allows the directors of a company to put forward a proposal to the company and its creditors.

If your company is insolvent, or likely to become insolvent, then it could enter administration.

Compulsory liquidation (or ‘winding up’) is, in most instances, instigated by a creditor of the company, by issuing a winding up petition in court for payment of an unsatisfied debt.

A creditors’ voluntary liquidation or CVL is appropriate where a company is insolvent and is not capable of being rescued, usually because its underlying business is no longer considered viable.

When a company reaches the end of its natural life, perhaps due to the retirement of its directors, the end of a specific project, or a group reorganisation then a solvent liquidation, known as a Members’ Voluntary Liquidation or MVL could be appropriate. In certain circumstances an MVL can prove very tax advantageous when there are surplus assets available to be distributed to shareholders.

When a company is facing potential insolvency there is a temptation for a director to enter into certain transactions they would not ordinarily do.

A creditor may obtain a county court judgment (‘CCJ’) or high court judgment if a company has not
settled a debt.