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Directors should not be rushed
into placing their limited company into liquidation.
Before any action is taken a professional
review of the company should take place.
The first part of the review is
a basic 'fact finding' mission which could involve:
- The completion of an enquiry
pack.
- A review of a tabulation of
the company's historical accounts.
- A review of the charges registered
and the company assets.
- Preparation and review of forecasts
prepared on a "what if" basis.
- Review of the company's customers
and market.
- Review of the company's key
processes and the degree to which these were subject to
written systems.
- Review of the directors intended
ultimate retirement strategy.
The review might, however, give
rise to entirely different recommendations.
If we assume the review recommends
an early CVL and the setting up of a phoenix re-start company
then the review report might go on to include headings on:
- Turnaround
finance
- Turnaround
management
- Re-use
of company name
- Timing
of the CVL
Always seek professional advice.
Early advice could avoid problems later.
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