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For example, you find a good property that needs to be fixed up so you can resell it for a profit. No copmany than five weeks later, shareholders pass the resolution needed to wind-up the company, and appoint a licensed IP to administer the process A notice is placed in the Gazette within 14 days of the Liquuidating being passed, and the Liauidating Declaration of Solvency needs to be sent to Companies House within 15 days What does a liquidator do? As we have mentioned, the appointed liquidator will realise company assets and make distributions to creditors. Although these are the main responsibilities, a liquidator will carry out other tasks, including: Dealing with any outstanding contracts Dispensing information to creditors throughout the process Removing the company from the register at Companies House Interviewing directors as part of their investigations If you require more information on corporate liquidation, our experts at Begbies Traynor can help.
We offer an initial appointment free-of-charge to quickly establish your needs. It is not widely known that the directors of an insolvent limited company can submit a claim for redundancy as part of the liquidation process. Depending on your length of service, age, and the level of salary taken from the company, this could add up to a significant sum. In many cases the money obtained through director redundancy is enough to cover the cost of placing the company into a CVL, and for those who ran their company for many years there is likely to be some left over after these fees have been accounted for.
Your insolvency practitioner will be able to determine your eligibility for director redundancy and assist you with the claims process.
We will be able to discuss the options available to you and determine whether liquidation is the most appropriate step for your company or whether there may be a more suitable alternative. A classic example of this is where a director has used their house as collateral for a business loan. In some of the worst circumstances this may lead to bankruptcy. Please take the time to seek professional help at your earliest convenience. Where it is found that a director knew the company was insolvent and did not put the interests of the creditors first, there is the possibility for charges of wrongful trading.
Where a director owes money this will be treated exactly the same as any other debt of the company and need to be repaid. Where a director cannot repay the loan, there is sometimes the possibility of negotiating a lower repayment amount, but this depends upon the particular case.
Company Liquidating nzone a
All Employees will be made redundant Since liquidating a limited company involves the end of the firm in its entirety, this also includes all employees. Where directors have built a successful, close-knit and loyal workforce this can be one of the most painful aspects of insolvency proceedings. For a free confidential meeting to discuss liquidating a company please contact us on eitheror use the live chat feature and we will be happy to take you through your options.