Liquidator

Who is a Liquidator and what do they do?

A Liquidator must be a Licensed Insolvency Practitioner in order to be appointed on a formal company liquidation or business rescue process within the UK.

A Liquidators’ main job is to collect and sell any assets of the company for the purpose of being able to provide a dividend to creditors. The assets will be valued by an independent valuation agent to be sure that they are valued at a fair price.

 

Processes that a Liquidator can be appointed on

  • Members’ Voluntary Liquidation
  • Creditors’ Voluntary Liquidation
  • Company Voluntary Arrangement
  • Company Administration
  • Pre-Pack Administration

 

Duties of a Liquidator

If appointed a liquidator can help on the following matters during a company liquidation or business rescue process:

  • Dealing with company creditors
  • Collecting outstanding company debts
  • Dealing with company employees and assisting with their claims for Redundancy pay, notice pay, holiday pay and outstanding wages
  • Dealing with any company assets
  • Preparing all statutory paperwork

Only a Licensed Insolvency Practitioner can be appointed as Liquidator on a formal company liquidation or business rescue process in the UK. Please be aware of sales advisors or “ambulance chasers” who are employed to act as a third party agent between the limited company and the Insolvency Practitioner. They are not licensed and will request a fee for transferring you to a Licensed Practitioner.