Creditors Voluntary Liquidation (CVL) is a straight forward 3 meeting process.
Directors as a rule are not personally liable for the debts of the company.
If you have signed a personal guarantee, you will be liable for the shortfall the creditor suffers in the liquidation.
Administration is the principal alternative to liquidation for an insolvent company.
To qualify for administration (and the complete court protection that it offers), your company has to be insolvent.
A pre-pack can be effective for a seamless transition of the business to a new company, avoiding the risks of trading in administration.
Administration can be a cost effective solution but every business is unique. Speak to a professional.