Can Directors Loan Accounts be Reclassified as remuneration in Administration or Liquidation?
In a recent High Court case, the answer was no and that attempting to do so could lead to penalties for the directors.
Read more >Company Liquidation
Members Voluntary Liquidation, Creditors Voluntary Liquidation and Compulsory Liquidation.
Company Liquidation (or ‘winding up’) is the most common type of corporate insolvency procedure. Liquidation is the formal winding up of a company’s affairs entailing the realisation of its assets and the distribution of the proceeds in a prescribed order of priority. A liquidation procedure is used if there is no part of an insolvent business that can be salvaged or is worth saving.
With few exceptions, liquidation is the end of the road for a company and following liquidation it will be removed from the companies’ register. Company liquidation may occur following a receivership or administration.
Compulsory Liquidation or Voluntary Liquidation?
Liquidation may be either compulsory, when it is instituted by order of the court, or voluntary, when it is instituted by resolution of the shareholders. Voluntary liquidation is the more common of the two. An insolvent voluntary liquidation is known as a Creditors Voluntary Liquidation because its conduct is primarily under the control of the creditors. A solvent voluntary liquidation is known as a Members Voluntary Liquidation, because its conduct is primarily under the control of its members. Click here to see our Guide to Members Voluntary Liquidations.
Need Help with Insolvency, Recovery or Turnaround?
If you or your business is facing insolvency, the sooner you contact us, the more we can help.
We, as Licensed Insolvency Practitioners and Liquidators, act in all three types of Liquidation. Click here to see some testimonials and Case Studies of cases where we have been appointed as the Liquidator.
The Liquidation Process – Contact Us
If your company is insolvent and you have been advised that liquidation is the likely outcome, please call us on any of the numbers below, or contact us for a FREE initial discussion about your options.
Also K&W Recovery, trading as Antony Batty and Company, Thames Valley:
The process for how to liquidate a limited company is as follows:
- Contact our Liquidation experts
- We will discuss your company’s position in detail with you, and suggest a plan of action
- These discussions will help you decide whether Liquidation is the best option, or whether other options are still worth considering. These might included an Administration or a Company Voluntary Arrangement, for example
- If a Company Liquidation is decided upon, you would then need to appoint Antony Batty & Company as your company’s Liquidator, formally instructing us to wind up your company by
- We will appoint one of our case managers, who will guide you through the process, answering all your questions and helping to assuage any concerns you might have
- The progress of your case will be monitored carefully by one of our five Insolvency Practitioners
- Once we are appointed as your Liquidator, the winding up process commences and we will assume responsibility for dealing with your creditors and employees
On Time and On Budget – Members Voluntary Liquidation Testimonial
On Time and On Budget – Members Voluntary Liquidation Testimonial
“Everything was completed on time and to budget. I would highly recommend them. My thanks to Stephen Evans and Sharan Acharya.”
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