Insolvency occurs when a business can no longer pay its debts. When this happens, a liquidator is appointed and has a duty to all the company’s creditors.
The liquidator’s main role is to protect, gather and realise the company’s assets.
The liquidator has to abide by the following duties:
Furthermore, the liquidator will investigate the following in the liquidation process:
Please note if books and records are not supplied, the company is deemed insolvent for the entire time.
In this process, the liquidator must collect all assets, if they have no allegiance over them, sell them. With regard to liabilities, the liquidator must discharge and release them.
The liquidator must abide by statutory requirements & they are:
The Liquidators has a responsibility to bring the company’s affairs to an end. This process is accountable to:
Please note that creditors do include employees. SafeGuard Insolvency help you with Liquidation and have a wide selection of Liquidators that are perfect for you.
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Safeguard Insolvency works closely with professionals that can help you with liquidation.