A solvent liquidation occurs when there are enough funds to repay all creditors. There are many reasons you may have to liquidate a solvent company including; restructuring, no longer trading, legally ending the companies’ life or avoiding future problems from unhappy 3rd parties.
We are happy to discuss if this option is suitable for your company and requirements.
An insolvent liquidation occurs when there are not enough funds to cover all creditors’ claims. A liquidator may be appointed either voluntarily or by the Court.
A majority of shareholders can pass a special resolution to place the company into liquidation. The liquidator will then take over the companies’ assets and records and work with affected parties to bring an orderly conclusion to the company. If you think your company could be insolvent the sooner you talk to us, the better the outcome for yourself and creditors.
Court Appointed Liquidation
If a creditor applies to liquidate a company, you only have 10 working days from receiving that application to appoint your own liquidator. If you do not appoint you own liquidator within that time, the application will be dealt with by the Court and the creditor can appoint their own liquidator.
Whilst all liquidators must work to the same rules, by appointing us early, you will be dealing with experienced liquidators’ who are interested in finding equitable and pragmatic solutions for all parties involved. Contact us about your situation before it is too late.
We are highly experienced having satisfactorily completed countless liquidations covering a wide variety of companies and organisations ranging from Trucking firms to Pre-Schools, Beauty Salons to Gyms. We are able to help regardless of your business.
Our experienced staff are able to investigate accounting records to find anything that is untoward or should not be there. If you have any concerns, or just for peace of mind, we can help.