Voluntary Liquidations FAQ's | Company Insolvency
21/01/2019 | Creditors Voluntary Liquidation
We have written this helpful guide containing Voluntary Liquidation FAQ’s.
How do I place my company in Voluntary Liquidation?
Following the coming into force of the Insolvency (England and Wales) Rules 2016, any reference to a Meeting refers to a Virtual Meeting, a decision by Deemed Consent or other qualifying decision making procedure.
If a director believes that his company may be insolvent he should contact an Insolvency Practitioner (Tim Corfield 01922 722205) to discuss more carefully the financial position of the company and possible options. The insolvency practitioner will advise the directors as to whether voluntary liquidation is the correct insolvency process to deal with the circumstances surrounding the company.
Once the directors are satisfied that the company is insolvent and that there is no prospect of a rescue procedure being implemented, formal resolutions will be approved by the directors to call a creditors meeting and instruct the insolvency practitioner to prepare a Statement of Affairs.
This process can be commenced very quickly.
The meeting of creditors will usually take place within 14 to 28 days following the approval of the directors’ resolutions depending upon the articles of the company and the precise procedure proposed by the insolvency practitioner.
At the meeting of the creditors an insolvency practitioner will be appointed liquidator of the company.
What information will the Insolvency Practitioner need?
The insolvency practitioner will need to understand the rough financial position of the company. These would include estimations of value of;
- fixed assets,
- trade debtors
- any other debts due,
- creditors including trade suppliers and HMRC.
Estimated figures would suffice. It is most likely that the directors will know approximately what the amounts are and recourse to the detailed records will not be necessary for the insolvency practitioner to advise the directors.
We have assisted many people with Creditors Voluntary Liquidation – view our testimonials and see how we have helped.
If after reading our Voluntary Liquidation FAQs you still need further information please visit our Creditors Voluntary Liquidation page or contact Griffin & King Insolvency Practitioners on 01922 722205, and speak to Tim, Janet or Mark. You can also contact Janet by email on email@example.com, or by text or calling on 07545 806531.