How you Liquidate a company is more than just going through the motions with a Liquidator. By taking the right approach you can mitigate any potential problems before you Liquidate your company, saving you time, stress and, quite possibly, money.
A successful Liquidation means you can leave the debt behind with no pain involved.
It often surprises Directors how little they have to do to Liquidate a company – the fact is – Liquidation does need to be done by a qualified Liquidator or their agent and so they should do most of the work
The steps to Liquidating your business
When the time comes to Liquidate your company, there are steps you need to go through. For some companies, not all of these will be necessary, but they need to be looked at all the same.
Step 1 – Tell us you want to Liquidate. The first step is incedibly easy – call us and let us know you want to liquidate your company. We will make sure that Liquidation is the best solution for you (we do have a duty of care you know).
Step 2 – Pass us your company information. We will need a few basic details to get the Liquidation process started.< Typical we will need:
- List of creditors (with address etc.. please)
- Money laundering ID
- List of any assets for valuation
- Backup of your books
- Any employee records
Step 3 – We will now write to all your creditors, Typically, within 48 hours, we will let them know the situation. Most of the time they will leave you alone after this point. If they do still contact you, then just refer them back to us.
Step 4 – Company assets are sold. If your company has any assets, they will be sold – to you if you want. If they can’t be sold they will go forward to an auction once the company is formally in Liquidation.
Step 5 – Dry run of the Liquidation. This is the important bit. Before calling the meeting of creditors we do a dry run of the Liquidation. We make sure there is nothing likely to be a problem once the company is in Liquidation. If there is then we will look at legal resolutions to them prior to the Liquidation itself.
Step 6 – Call the Meeting of Creditors. The meeting of creditors is there to ratify the Liquidation of your company. Most creditors will not bother coming, as they will be wasting a day’s worth of work. Some may turn up, generally it is to ask questions of the Liquidator. This will be your last meeting as Director of your company.
That’s it – your company is now in Liquidation. From start to finish this can take as little as 3 weeks to complete.
From here on in the company is no longer your problem, it is for the Liquidator in office to deal with any problems now. Just get on with your life and relax a little more – it’s been a long time coming hasn’t it?
How can we help
Unlike other Liquidation Companies, our entire service is geared towards helping you as much as possible, without breaking the law .- Have dealt with any issues prior to the meeting of creditors.
- Have a headache free Liquidation.
- Never need us again.
- Can relax, safe in the knowledge we have everything covered.