Ten Questions To Answer Before Liquidation
We’re here to help you make an informed decision.
Get in touch to find out or browse the questions below to discover more.
Could the business continue in a different company?
It’s possible that a business can be sold to and run through a different limited company leaving the debt-ridden company to be liquidated.
What payments have the directors and shareholders received from the company?
Payments to directors or shareholders will need to be reviewed by a liquidator. Different types of payments lead to different action by a liquidator.
Have any Personal Guarantees been given?
It is possible that a company director or shareholder has agreed to be responsible personally for a payment that a company was due to pay.
Will the Directors and employees have a claim against the Redundancy Payment Service?
The Government Redundancy Payment Service will assess directors and employees’ unpaid employment related claims and pay what’s due.
Has the company recently made payments to associated or related people or businesses?
A liquidator will review the company’s financial records to see if any payments were made that favoured one person owed money over another.
Has there been any sales of company assets?
Importantly anything sold from the company must be for value.
Has the business already been transferred out of the current company?
If a business has already been transferred out, then a value may need to be assessed.
When did the company first experience difficulties paying people on time?
As part of the liquidator’s review of the company’s financial records the point at which the company was overdue with payments is important. Financial activity after this point will be reviewed more carefully.
Who will be the liquidator for the company?
There are a limited number of people who can act as a liquidator for a company. Some use brokers or salespeople, to attract clients. Be clear who will be the liquidator.
Are there alternatives to liquidation?
Importantly, the directors and shareholders must make the final decision. The advice you receive should set out the options and explain the advantages and disadvantages of each.
If you have any questions at all, please get in touch. We’d be delighted to help.
A few useful bits of terminology for this page:
- Company: this refers to company registered at the UK Companies House; this includes Limited Liability Partnerships
- Insolvency Practitioner: An individual Licensed in the UK to be appointed as a company liquidator
- Official Receiver: An individual employed by the government’s Insolvency Service who can be appointed as Compulsory Company Liquidator in England and Wales
- Business: A combination of skills and assets that work together with a goal of making profit; a business can run inside a limited company
We’re experienced, licensed and commercial experts.
We’ll make your life as simple as possible; we’ll take over any difficulties.
You can start to liquidate today and protect your personal assets.
We can come to you for a meeting.
You might be surprised to learn is the number of directors that we are able to help to find an alternative solution for their company. In many cases continuing in business.
You’ll be delighted to hear that our costs are only one of the reasons that many of our clients use our services.
Advice at the outset will save you money and protect your personal finances.
Our Support Will Help
- We have three Licensed Insolvency Practitioners
- Martin, Carolynn and Richard, would be glad to explain your options to you; no jargon and no obligation.
- We do understand that this may be the first time that you’ve had to consider such a conversation.
- Simply call or leave your details and we’ll contact you.
- No costs will be incurred until they are agreed with you.
- We are here to guide, inform and support you.
- Our advice will be geared to your company’s own position.
- With our help you’ll be able to make an informed decision on the best solution for you.
- We’ve a team of 20 in total and have been set up for 40 years.
What Do We Need from You?
- A little bit of your time please.
- Some background about your company.
- What would you like our immediate help with?
- Is there a business within your company that you would like to save and continue with?
Don’t Like Nasty Surprises?
Neither do we.
We’ll be honest and open with you which will mean no surprises for you as we undertake our legal requirements as liquidators.
Not Sure that Liquidating is the Right Choice?
Got some more questions; please feel free to email or call. Not ready for that why not try our FAQs?
You could try the .GOV site if you’d like to be sure that our site is accurate?