Company Liquidation Company liquidation applies to both companies and partnerships. Company liquidation is a legal process in which a liquidator (Insolvency Practitioner) is appointed to "wind up" the affairs of a company. At Debt Dr we act as a mediator between the IP (Insolvency Practitioner) and your business helping realise all assets in the company. We offer empathy and professionalism we will guide and advise you through the whole process making the road to insolvency smoother and as painless as possible. The outcome of this legal procedure is to have your company dissolved and removed from the register at companies’ house the company then ceases to exist.
There are two types of liquidation,
Compulsory liquidation This type of liquidation is started by a winding up order usually presented by a creditor in high court. If the company owes a sum of money that they are unable to pay the creditor can attempt to force the struggling company into liquidation Voluntary LiquidationIt is important to note that only the shareholders are able to place the company into voluntary liquidation. An Insolvency practitioner must be appointed as the liquidator Members' Voluntary Liquidation This is when the shareholders of a company decide to put it into liquidation and there are enough assets to pay all the debts. ie. the company is solvent. Creditors' Voluntary Liquidation This is when the shareholders of the company decide to put the company into liquidation, but there aren't enough assets to pay the creditors in full. ie. the company is insolvent. The liquidation begins from the time the resolution to wind up is passed.
For more information on this solution and all other solutions please contact us on 0845 224 2761
|
company liquidation