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The Liquidator will undertake a review of the director’s conduct and report any evidence of unfit conduct to the disqualification unit of the government Insolvency Service, and this may lead to a ban from acting as a director in future.
In the current climate when many well managed companies are in financial difficulty due to the economic conditions, the prospect of a ban is low, especially in smaller cases with less than say £100,000 in liabilities.
Call 01242 807 757 to talk through your company's situation and the implications for the directors.
Assets can be acquired at a distressed value, and payment terms can be agreed with the Liquidator.
The Liquidator takes his fees from the asset realisations, unless there are no assets, in which case he will act on a fixed fee payable in advance.
Voluntary Liquidation is usually the most realistic option to achieve a business recovery, by buying the assets from the Liquidator, or alternatively undertaking a pre-liquidation asset transfer. While these options may appear underhand, they are commonplace and perfectly legal so long as certain key rules are complied with.
That is why it is important to instruct experienced professionals to deal with what is a sensitive, commercial matter.
The main point is with any insolvency procedure, is that you need a insolvency practitioner (IP) to do it!
They are licensed to look after the creditor's interests and not yours, it’s like asking a lawyer that is suing you to give you advice it’s a complete conflict of interest, so we bridge that gap and we work solely for you and your company and we only work with our handpicked panel of IP’s from a number of small practises up to the bigger firms on the banks panels.
What this means to you is you get the best IP for your particular situation.
If you would like to discuss a potential Liquidation with an experienced finance professional with the legal knowledge to give you some initial pointers, please call 01242 807 757 or complete the Advice form for a call back.
