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What is a Liquidator?
A Liquidator is a qualified person who is appointed to formally wind up the affairs of a Company.
A liquidator must be a Licensed Insolvency Practitioner. Please be aware of un-licensed advisors who act as sales agents and charge a third party fee.
When should I speak to a Liquidator?
It is strongly recommended that you speak with an Insolvency Practitioner at the earliest signs of insolvency. Doing so will help you to understand your options and relieve the pressure you may be under.
Does a Liquidator need to be Licensed?
A Liquidator must be an Insolvency Practitioner who is licensed to act by a professional regulatory body. Only a licensed practitioner may act as Liquidator of a Company, either solvent or insolvent.
What does a Liquidator do?
In an insolvent Liquidation the principle duty of the Liquidator is to realise any Company assets (if there are any) and distribute the proceeds of any sale to the creditors of the Company. A Liquidator will prepare and file all of the official forms, will communicate with the Company’s creditors and will make staff redundant if necessary.
In a Solvent Liquidation the Liquidator will prepare and file and of the official forms and work to distribute Shareholder’s funds as quickly as possible.