What is a liquidation?

What is a liquidation? 1

A liquidation is a procedure to bring the life of a company to an end. This can be done either voluntarily, using a private sector insolvency practitioner, or through the Courts.

A Creditors Voluntary Liquidation is an out of court procedure and is therefore much quicker than a Compulsory Liquidation, which has to go through the Court, and the cost of placing the Company into liquidation is broadly the same either way.

A Creditors Voluntary Liquidation can also be used to organise a phoenix company, which can increase assets realisations, save jobs and increase the return to creditors overall.

More information can be found here.

Alternatively, if you would like a free face to face, or telephone meeting, with a Licensed Insolvency Practitioner, please ring 01326 340 579 or 01305 458 383, to arrange a mutually convenient time and date to discuss the options open to you and your Company.

 

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