Liquidating the company
Step 6 | Creditors hold a meeting to confirm the company liquidator.Step 7 | The administration of the liquidation starts.
Liquidation is a process where the assets of a company that cannot pay its debts, are distributed by a liquidator or the Official Assignee.
A company is placed into liquidation when it is unable to pay its debts. A liquidator is appointed to investigate the company’s financial affairs, establish the reason why the company failed, investigate possible offences, and identify and sell any assets to help repay creditors.
Officers of the company must assist the liquidator by providing information and answering questions.
Accountants and solicitors can help provide information about options for insolvent companies.
All liquidations will vary as they are dependent on a number of things.
For example, the company’s financial affairs, the reasons why the company failed, possible offences, the amount or value of the company assets and more.
Step one | The company is unable to repay its debt to its creditors Step two | The decision is made by either the company itself or its creditors that it is going to be placed into liquidation.
This can be done by one of the following: Step 3 | A liquidator is nominated and appointed Step 4 | The appointed liquidator notifies the Companies Office Step 5 | The liquidation is advertised to the public on the Insolvency and Trustee Service website here.
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