AAA Motor Services Ltd
21/02/2017 | Creditors Voluntary Liquidation
In December 2016, Tim Corfield of Griffin and King, was approached by a transportation business in desperate need of bringing their affairs to a conclusion. The Company was incorporated way back in winter 1964 and has had a very successful past.
However, with the director’s ailing health, advancing years and family pressure he desperately needed to wind up the affairs of the company in a swift and effective manner. His son who worked for the company had no interest in carrying the business forward and specific licenses needed to trade were up for renewal.
This was a perfect time to cease the company’s trading. Tim and his team were instructed and helped the Director to sell the assets, inform creditors and employees of the sensitive situation and to ultimately place the company into a Creditors Voluntary Liquidation. Which was seen as the best fit for this scenario by Tim. This enabled the director to cease trading and wind up the affairs of the company in a way that allowed him to step aside and concentrate on his health and getting back to 100%. A successful outcome, if you are aware of anyone in a similar situation please do tell them to get in touch with Tim or one of the team we would be happy to help.