Liquidate liquidating liquidation

01-Aug-2020 02:12

Liquidation typically occurs when a limited company has reached a point where, for one reason or another, it has been decided that the business will not continue.In this case, you might consider liquidating your company; which basically means turning your assets into cash.So act now and get help for your company and more importantly start reducing your own risks.The action described above can be regarded as wrongful trading; if a liquidator can prove there was wrongful trading then, you are at much increased personal risk. A classic example of wrongful trading is taking credit from a supplier or taking deposits from customers when you know that it is unlikely that you can pay them back.

For each of the types of liquidation outlined below, there is a specific process that must be followed: Members’ voluntary liquidation In some cases, the business owner might choose to discontinue the company for a variety of reasons.If the company is deemed insolvent any remaining assets will be sold in order to pay off any remaining creditors.

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