In Grimsby, Paul Simon Jones, who traded as Jones Sign Makers of Beeley Road in the town has been made bankrupt in the courts this month. Meanwhile there has been a meeting of creditors concerning the firm Traffic and Commercial Signs of Wolverhampton.
If the company is no longer viable then a voluntary liquidation is the best route to follow as this will help reduce your risk of facing personal liability”
In Yorkshire there has been a final meeting to rake over the ashes of the sign-making business North Star Signs Limited. The company’s CEO Gary Gerard Chester has been in the job since 2006.
Company Rescue offers this advice for firms who are struggling to stay in business and looking for a way out: “It is a good idea to face up to the problems and take some advice. If the company is no longer viable then a voluntary liquidation is the best route to follow as this will help reduce your risk of facing personal liability.
“Don't forget that just because it is a limited company it does not mean that directors are completely protected. The veil of incorporation can be lifted and the directors pursued personally for the debts of the company if they did not act properly make sure all books and records are ready to hand over to the liquidator.”
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