The company had started in Poole, Dorset and built up to a reasonable level opening a second site in the North of England. Although they kept gaining more and more websites to maintain they were not profitable because of high salaries.
The debts were mounting up and H M Revenue and Customs who were owed over £100,000 had lost patience and had started winding up proceedings.
The directors knew they could not carry on as they were. One of the employees wanted to carry on with part of the business so we helped the directors put the company into creditors voluntary liquidation and get the assets valued and sold as a going concern to the employee who took on most of the existing staff.
In the circumstances this was a good outcome. It is a legal way of saving a business by selling the trade to a new limited company as long as market value is paid.
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