Articles to better explain Liquidation
The cost of liquidation varies depending on the complexity of the case. This is based on factors such as the company's size and its overall financial situation, the number of creditors and shareholders and the value of its assets.
Read GuideIf your company is experiencing financial difficulties or is on the verge of insolvency, company liquidation may be the best option. It is critical that you contact a professional insolvency expert to discuss your options. As a director you have a duty to act in the best interests of creditors and not make the situation worse.
Read GuideIf this is the case, you may be wondering what a liquidator does. A liquidator must be appointed to handle the process of liquidating a company. Understanding their role will help you understand the entire liquidation process and what it may imply for your company. It will assist you in preparing for the proceedings, avoiding stress, and preparing for life after the liquidation.
Read GuideCompulsory liquidation is when a creditor forces the process of liquidation on a company. It tends to happen once creditors have given up trying to recover money from the company, so they issue a winding up petition to the court for the official receiver to liquidate the company assets and for them to then recover their debt.
Read GuideThe Bounce Back Loan Scheme was a ray of hope for thousands of companies during the Covid-19 pandemic. But what if the injection of cash isn’t enough to navigate your business through the recession that has gripped businesses across the UK? The loan scheme allowed you to borrow between £2,000 and £50,000 to cover expenses related to Covid-19 and has been a huge boost for businesses. But some are now still struggling and may need to start considering the possibility of liquidation.
Read GuideSeriously though if you want the absolute cheapest way to go into liquidation then you wait for a creditor to petition the court to wind your company up via a compulsory liquidation. This is normally a bad idea and carries stigma and personal risk
Read GuideThe process of voluntary liquidation is straight forward and the director can move on with their life about 4 weeks after our appointment. In the interim period we will need as much information about the company's finances as possible.
Read GuideWhat are the tests for insolvency. If you want to liquidate your company then the chances are that you know it is insolvent. However, it is possible to rescue an insolvent company!
Read GuideIf you are worried about how liquidation will affect you personally then read this guide. There will be impacts but there is often alot of misinformation about and even accountants don't know all the rules. They are not professionally trained in insolvency so why should they?
Read GuideSee our liquidation case studies. Often the experience is not as bad as many fear and directors can get on with their life. We make the process as painless as possible. As long as you have not been fraudulent or grossly negligent then there isn't much to worry about.
Read GuideA phoenix company typically starts out after the "business" and or "its assets" of an insolvent company are bought in administration or liquidation by the company’s directors. The business continues trading as a new entity, starting fresh.
Read GuideFill out our no hassle form to get a quick and easy quote for your company liquidation