If you are thinking of liquidating your company Gibson Hewitt can help and guide you through the process. A company liquidation is a terminal process. Once appointed the Liquidator, a Licensed Insolvency Practitioner, realises the assets, distributes the net proceeds of sale. Where the liquidation is insolvent the liquidator investigates the events leading up to his appointment and prepares a report on the Directors conduct. He will consider whether there is any scope for raising claims for antecedent events such as Wrongful Trading, preference and transactions at an undervalue and if necessary bring appropriate claims.
If there are funds to distribute, claims will be agreed and payments made. The Business Liquidation or Company Liquidation process is not a fast one – and will typically take between 1 and 3 years to fully complete.
There are 2 different types of insolvent liquidation (CWU & CVL) and one solvent liquidation (MVL). Members Voluntary Liquidation, where directors and shareholders wish to close the business and take out the value of the assets as capital rather than income. Whilst the duties and actions of the Liquidator are broadly the same, the manner of his appointment are different and are viewed differently when considering if the Directors have properly discharged their duties. These are:
We take all types of Insolvency appointments with 1 hours FREE advice with no obligation to proceed.