Liquidation Insider

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The Liquidation Process

Planning and preparing for liquidation is a vital part of the process of re-launching your business free of debt.​

The liquidator is an authorised Insolvency Practitioner or official receiver who runs the liquidation process. As soon as the liquidator is appointed, they will take control of the business.

Their prime responsibility is to look after the creditors of the company and maximise cash by selling off the company’s assets. Recovery of funds can also include directors who have omitted to adhere to their obligations, even by oversight or innocently.

This can be illegal dividend payments, sale of assets, wrongful trading and a host of other mistakes.

Below is a representative list of questions which you will need to answer:

There is a great deal of detail required in the liquidation process and this requires a very detailed review in order to ensure that the directors comply fully with their requirements and satisfy the liquidator.

  • Background – A minimum of 100 detailed questions including details of previous insolvency, writs and judgements, connected parties as well as accounts and extensive company information
  • Assets – This covers properties, debtors, prepayments, intercompany and connected party transactions
  • Loans – Details of any loans and guarantees and reason and use of the loans
  • Receivables – any income due from patents, rents etc.
  • Stock – Complete analysis of stock including tooling, values, ageing and ROT claims
  • Fixtures and Fittings – Description and values
  • Plant and Machinery - Description, condition and values
  • Motor and Commercial Vehicles – Full description and values
  • WIP – Contracts and cost to complete
  • Assets on Finance – Description, Values
  • Other Assets – Description
  • Secured Creditors – Details
  • Lease HP – Details
  • Property – Details and correspondence
  • Unsecured Creditors – Details
  • Loan Creditors – Details
  • HMRC – History and details
  • Pensions Details and Employees
  • Intercompany Transactions and connected parties
  • Employees – Specific details
  • Contingent Claims

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