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If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
How do I Liquidate my companyIf you have determined it is time to close your company either
because it is bankrupt and cannot continue or you want to stop trading for some
other reason then you will need to put the business into liquidation.
The most common form of liquidation is
creditors voluntary liquidation
(CVL). A creditors voluntary liquidation is used where the company is unable
to pay its creditors and the company is under serious pressure. The board does
not think it can be profitable or viable to continue. To undertake a CVL, the
following steps will be undertaken:
Firstly the directors must agree on liquidating the company. Once agreed an
insolvency practitioner must be found. He or she will review the current
financial position, future prospects and director's risk. If the insolvency
practitioner agrees that the company is not viable, they will agree to act as
the nominated liquidator.
The directors of the company must then inform the members (shareholders)
that the liquidation route has been chosen. The members then nominate the
insolvency practitioner at a shareholders meeting.
The insolvency practitioner collates a list of all the company's creditors
and calls a creditors meeting (commonly known as a section 98 meeting). The
notice of meeting must be advertised in the London Gazette and the local
newspapers as well as all creditors being informed.
A liquidator is appointed by the creditors prior to the meeting. Often, the
appointed liquidator will be the insolvency practitioner who was nominated by
directors and shareholders. However, this is not always the case. The company's
bank will often want to install their own liquidator from a pre-approved panel.
If they are a major creditor and can out vote all others, they will be able to
appoint the liquidator of their choice. Once appointed, the liquidator must act
quickly to secure any company assets, for example by changing locks on company
premises and insuring assets.
14 days notice must be given of the creditors meeting. At least one director
acts as chairman of the meeting. The liquidator conducts the meeting. The
creditors have an opportunity to question the directors about the cause of the
failure of the company.
Any staff employed by the company will be made redundant. If the company has
no funds to pay any staff wages due (which is often the case) the staff will be
required to complete an RP1 to claim for statutory redundancy payment from the
National Insurance Fund. This should be returned to the liquidator.
The liquidator will then look to realise the maximum value of the company
assets. A valuer will be appointed to ensure the fair market price of the assets
is understood by the liquidator. Anyone can offer to buy company assets from the
liquidator including the shareholders or directors of the business. The
liquidator has to accept the best offer received. Any monies realised will then
be payed out to the creditors as per the statutory ranking of creditors.
The liquidator must investigate the directors of the company and report this
to the DTI. This is often known as the "D Report". If the liquidator finds that
the directors have acted wrongly or illegally, they may face disqualification
and/or personal liability for company debts.
Once the procedures as described above have been completed, the company will
be registered as dissolved at company's house and will no longer exist.
There is of course a cost associated with liquidating a company using a
creditors voluntary liquidation. For a small business, this will normally be
around GBP7,000 payable to the insolvency practitioner. Ideally this fee would
be funded from company cash or the sale of business assets. However, if such
funds are not available, then the fee could be covered by the directors
themselves.
Article Tags:
Creditors Voluntary Liquidation, Creditors Voluntary, Voluntary Liquidation, Insolvency Practitioner, Company Assets
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