Limited companies can enter into voluntary arrangements with their creditors. These are most commonly CVAs and these are considered on our rescue page. There is a little used administration procedure which can help a CVA.
If relations with secured lenders have broken down, or sometimes at the company’s own request, a receiver can be appointed by the holder of a floating charge. Most banks now try to recover their debts by working with their customer. An insolvency practitioner is sometimes involved, but there should be no way to tell that this is going on.
Finally, to wind-up a company completely there is liquidation. This can be solvent (members voluntary) or insolvent (court/compulsory, or creditors voluntary.)
For more information please contact us by e-mail at firstname.lastname@example.org or call us at 01569 760321 from 9 am to 5 pm Monday to Friday.