What is the Liquidation Process?

“OK, I want to liquidate. What do I do now?”

Liquidate in 5 simple stages

 

You must act to avoid the possibility of personal liability.

Stage 1

Find a liquidator. This has to be an insolvency practitioner as you cannot liquidate your own company. At KSA we can ensure that you talk to one direct.

Stage 2

Seek a valuation of your assets. The Liquidator can refer you to professional valuers, usually chartered surveyors who will determine the value at auction. Please be aware that this value will be far from the number on your balance sheet as the price likely to be achieved at auction will be less than this.

Stage 3

Tell us how much you owe and who to ( creditors )On appointment we will deal with all the creditors and set up a creditors meeting allowing you to get on with your life.

Stage 4

We will require all the information about your company including your accounts, a brief history and the reasons for the problem. This information enables us to prepare the reports to creditors that we have a legal obligation to provide.

Stage 5

A director needs to “chair the meeting of creditors”. In practice the liquidator will run the meeting and it is usually very straight forward with no creditors attending. The creditors will have received the documentation and will feel they have no further influence on the proceedings anyway.

 

Only a licensed INSOLVENCY PRACTITIONER (IP) can liquidate a company. Most IP’s never speak to directors leaving this to their staff. Want to speak to an IP today?

 

We could help you start the liquidation process today, please call on 0845 519 4930 in office Hours 8.15am till 5.00pm.

Or call Wayne Harrison (IP) direct on 07879 55535 or Eric Walls (IP) direct on 07787 278527.