Liquidate My Company
How do I liquidate my Company? – It is a question asked of us frequently and the answer is simple… You seek the help of a licensed insolvency practitioner (“IP”) who must do this for you. Contrary to belief by some, Company directors cannot liquidate their business without them instructing a licensed IP.
There are numerous methods IP’s use to assist you with placing your company into liquidation, these are: –
- Deemed consent – Where the proposed liquidator sets a date for the liquidation resolutions (to appoint the liquidator and wind up the company) to be considered and then writes to the creditors to inform them of this decision date whereby the resolutions will pass automatically providing a certain number/value of creditors don’t object to them in time or request a physical meeting;
- Virtual Meeting – Where the liquidation resolutions are considered at a virtual meeting by telephone or video conference allowing creditors to be present by phone/PC and ask further questions of the Director/s.
- Physical Meeting – Where the resolutions are considered in person at a meeting set at the convenience of the creditors, due to the requisite majority of creditors having requested to consider the resolutions at a meeting in person.
The majority of our liquidations are done by the simple deemed consent route. Therefore, creditors are engaged by correspondence as opposed to the dated processes of slanging matches at large creditors meetings. Here are a couple of our client testimonials
“I’d heard that I would have to receive a grilling from my creditors at a creditors meeting and I was really nervous to have to face them. After speaking with Bridge Newland, I realised that the process could be done by letter, without the need for a meeting so I instructed Bridge Newland to liquidate my company and I couldn’t believe that it all went through in 8 days!”
“I didn’t realise that liquidating my company was so easy!”.
If you want to speak with a licensed IP about liquidating your business, please feel free to give us a call. Call us on 0800 612 6197.