How to Liquidate
Once you have decide that Liquidation is the right way forward for you, the process itself is a fairly straight-forward. As a director you will need to pass us information, but the bulk of the work will be done by us.
Instruction
Once you have instructed us to act (we even create the paperwork for you to sign) on your behalf, the company is then put into interim liquidation. If you are doing a ‘pre-pack’ liquidation (where the sale of assets has been agreed prior to the liquidation) it is normally at this time you will take ownership of the assets.
Interim Liquidation
In Interim Liquidation, we start preparing the company for liquidation, and will ask for as much information about the company as possible. From this information we can create the necessary documents for the actual liquidation.
Shareholders Meeting
This meeting is to create the formal resolution to liquidate the company and appoint the liquidator of the company. As the directors and shareholders are one and the same for most small companies, this does tend to be a brief meeting.
Meeting of Creditors
Once the shareholders meeting is over, we hold a meeting of creditors This is so the creditors can have it explained to them why the company is going into liquidation (after all it does owe them some money), and how much money, if any, they will get back.
From start to finish this process lasts usually between 4 and 8 weeks. Although for most of it, you can let us deal with the problems.
After this point we may come back to you for bits and pieces of information, but you are no longer responsible what happens now.