I need help liquidating

I need help liquidating

The procedure is usually handled by the Official Receiver, or an appointed Insolvency Practitioner.Therefore, this is not a voluntary process for directors.In this situation there is potential conflict between creditors (those to whom money is owed), as there will be insufficient assets for all creditors to be paid in full.The law attempts to maintain an equality between creditors, so the assets are distributed proportionately according to the size of each creditor's claim.After these steps have been carried out, the company is formally dissolved.The law classifies liquidations into two types: voluntary (which is by a shareholders' resolution) or compulsory (by a court order).Liquidation (or "winding up") is a process by which a company's existence is brought to an end.

Working alongside you and, where appropriate, your existing advisors, financiers and business partners, we will guide you through the full range of options available to achieve the best possible outcome for you.As part of this process, it could mean working alongside our trusted financing partners, who may be able to assist in providing much needed funding, in order to move your business to the right place.For those facing more severe financial difficulties, a formal insolvency procedure may be the only way forward; however, whatever the solution, rest assured that we will deal with this in a quick, efficient, empathetic and professional manner.The liquidator represents the interests of all creditors.The liquidator supervises the liquidation, which involves collecting and realising the company's assets (turning them into cash), discharging the company's liabilities, and distributing any funds left over among the shareholders in accordance with the company's constitution (or the COMPANIES ACT 1993 if there is no constitution).

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The voluntary procedures, which are initiated by the shareholders and directors are explained in more detail below and the compulsory procedure, which is usually initiated by creditors like HMRC via a court order, is also covered.

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