The Insolvent Liquidation Process
The insolvent liquidation process takes place either through a voluntary process or after a compulsory court order. A voluntary liquidation is usually a lot less stressful because the business owners have prepared beforehand.
In the case of a voluntary liquidation, a liquidator is put in place to take over the winding down of the company and arrange the disposal of its assets.
Whatever state your business is in, whether it be insolvent or solvent, we offer a free, no obligation consultation where we will run through your requirements and tailor a next steps approach that is suitable for your company.
With 40 years experience, our team of qualified experts are on hand to recommend a range of insolvency liquidation services that will meet your individual circumstances. Please contact us today if you are unsure what level of liquidation you require. Once we have established your current position and agreed the best way forward for you as a director, and for your business, we will start the liquidation process.
Your licensed insolvency practitioner will have a variety of roles which include:
- Review ongoing disputes or contracts and look to determine the best course of action.
- Become responsible for paying all creditors as much a possible by selling off any assets. Costs include the fees of liquidation, any third-party costs such a solicitors and asset valuers.
- Inform the authorities and any creditors about what is going on and completing any paperwork.
- Inform creditors about the extent of settlement of accounts and keep them involved in decisions where this is appropriate.
- Carry out a review & discuss with the directors what went wrong with the business.
- Finally, once the liquidation process has gone through, the business is removed from the register at Companies’ House.
As the industry leading insolvent liquidators, we are here to help.