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Liquidation serves as the formal procedure to bring a company's existence to a systematic end, often interchangeably referred to as "winding up."

Our experienced team is well equipped to handle liquidations of varying degrees of complexity and strive to achieve outcomes that are in the best interests of all parties involved in what can be trying and stressful circumstances.

Introduction to Liquidation: Ceasing Company Existence

1. Creditors' Voluntary Liquidation (CVL):

In times of financial distress, a CVL can provide a responsible and structured solution for companies facing insolvency. This process allows company directors to voluntarily take the decision to appoint a Liquidator.

By initiating a CVL, a company can wind down its affairs in an orderly manner, satisfying its obligations to creditors and paving the way for a fresh start.

2. Simplified Liquidation

Simplified liquidations, are a newly introduced form of engagement that offers eligible companies a more cost-effective solution to voluntarily appoint a Liquidator.

They operate similar to an ordinary CVL, with reduced reporting obligations that translate to reduced costs.

3. Court Appointments:

Whilst we encourage early intervention, where a company's directors fail to take necessary action, creditors may seek to have a company wound up by court order.

A Liquidator is usually is usually pre-determined and would have consented to act prior to the winding up hearing. if you are a creditor or a representing a creditor on such a matter, our experts are equipped to assist.

4. Voluntary Administration:

While not a direct engagement, a liquidator can be appointed over a Company in Voluntary Administration where creditors either resolve to place the company into Liquidation, or where a DOCA has either not been proposed or has failed.

4. Members' Voluntary Liquidation (MVL):

An MVL offers a strategic process for solvent companies looking to wrap up operations smoothly and in a tax effective manner.

As the name suggests, the primary objective of an MVL is to maximise returns to members, or shareholders of a company.

While MVL appointments are typically straightforward in contrast to other forms of Liquidations, our experienced team has dealt with MVLs ranging in complexity, from single shareholder entities to those with thousands of shareholders.

Liquidator Appointments: Four Paths to Conclusion

Once appointed, directors are relieved of the management and of the Company as the Liquidator deals with the Company's operations and debts. In certain circumstances this can involve trading on the business for a period of time, during, or following which, the assets of the company, or the business as a whole is realised for the benefit of creditors.

A Liquidator also has powers and obligations to investigate the pre-appointment affairs of the Company and recover certain voidable transactions and pursue available claims to maximise creditor returns.

Once sufficient recoveries become available, funds are distributed to creditors in accordance with their rank.

The Liquidator's Role

Our experts speak with business owners, directors and advisors daily, to help them and their clients determine the best path forward, fee free, and are with you from preliminary assessment all the way to appointment and conclusion, should you choose so.

Get in touch today, so that we can help you identify the right solutions to your circumstances.

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Liquidation involves converting a company’s assets into cash, with the aim of repaying the company’s debts to the greatest extent possible.

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