Liquidation is a formal legal process which, when concluded, will result in the dissolution of the company.
The process is usually very straightforward, particularly for smaller companies or those with no or few assets. It starts with the directors and shareholders placing the company into voluntary liquidation. If the company is insolvent then a meeting of creditors will also take place.
A liquidator is appointed to deal with the winding up of the company, such as the sale of its assets and the agreement of its debts. As soon as this happens the directors have no further duties and can move on to pursue other interests or opportunities.
It usually takes six to eight months for a routine company liquidation to be completed.
Company Liquidation Procedure
As a director your role in the company liquidation procedure is clear, straightforward and precise.
Once you are confident that liquidation is the right option you can start the company liquidation procedure. You can do this online via our secure website, call our experts or arrange a meeting with one of our team. Either way you will get professional advice on your situation and expert support at every stage.
As soon as the liquidation procedure begins your obligations will soon come to an end. The only thing you might be asked to do is provide information or records to the liquidator. At this stage you can move on to follow other opportunities. You could also set up a new company to buy back the assets of the company from the liquidator. You are not disqualified or prevented from doing this just because you have had to liquidate your old company.
Once the procedure is completed the company ceases to exist in any shape or form.
The regulations regarding liquidation are complex and comprehensive. They set out what must and must not be done when a company is placed into liquidation.
Our experts know the liquidation regulations inside and out so you don’t have to worry about reading up on it. We will ensure you understand what liquidation means for you and your company without confusing you with jargon and we will be there at each step should you need further advice or have any questions.
Liquidation can be a worrying time and we do not want to make it worse by baffling you with legal speak. You can rely on us for clear, honest advice and a professional service at all times.