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Once the burden of debt has become overwhelming to cope with, it can be a reassuring thought to know that you can simply liquidate your business and make a new start.

Like the black hole opening before you, Voluntary Liquidation can be a scary prospect, a great unknown.

As a Director you have responsibilities for your company and creditors. It is important to consider these when wondering if you should do anything or not.

The process is very easy to understand and a very straight forward one.

If done in the correct way, Liquidating your business allows you to live your life without the burden of business weighing you down.

So what is Liquidation? It comes in two forms, solvent or insolvent, To work out which one you need, simply ask yourself 'Is my business Insolvent?'.

If your business is Insolvent...

A Creditors Voluntary Liquidation will let you move on from the business without the unsecured debt holding you back.

Many directors go on to start again in business, with a clean slate and the benefit of  being stronger and wiser, to ensure they can make a success of their company.

If you don't want to carry on in business, then you can let the unsecured debts of the company die in Liquidation while you get on with your future.

If your business is Solvent...

A Voluntary Liquidation will allow you to bring your company to a complete end. You are then free to get on with your life, leaving the weight of business behind you.