If you want to know how to quickly liquidate a company then organisation of the information you need is essential. It is not difficult for directors to liquidate a company quickly but it is important to focus on the information you require so that it can be provided and allow the Insolvency Practitioner to focus on what they need to do to help your company.
To begin with, so that you can organise such information it will be helpful to know what a liquidation procedure involves.
A liquidation procedure is not something a director can do themselves as they need an Insolvency Practitioner to be the liquidator to wind up the company.
Whilst there are many aspects to it, nevertheless a liquidation is simply the realisation of the company assets, payment of the costs of liquidation and if there is any surplus, distributing it to creditors. So liquidation is very much about the assets and the creditors.
A company that goes into liquidation will almost always not trade. That means a company’s sales and purchases are part of its history, not part of what is needed to liquidate. They may be looked at by the liquidator when investigating matters but purchase and sales invoices information are not usually needed as part of the information to get the company into liquidation.
Before an Insolvency Practitioner can begin to prepare a company quickly for liquidation he or she needs to identify the directors and the relevant shareholders holding 25% or more of the voting shares in the company.
This will typically involve obtaining copies of passports and driving licences of the relevant individuals so that checks can be done to confirm who they are acting for in winding up the company.
To prepare a company quickly for liquidation the key information needed is about the assets and the liabilities.
This is information that needs to be provided to creditors in the formal documents known as the statement of affairs required due to Section 99 of the Insolvency Act 1986. Each class of asset the company has needs to be separately identified showing the value it is recorded in the company’s records and the value it is estimated to realise for.
Where the company’s liabilities are concerned each category of liability the company has needs to be separately identified. This will usually be split between secured, preferential and unsecured creditors. The provision of statements showing the balance owing to each creditor should enable this information to be provided so the Insolvency Practitioner quickly and can provide the list of creditors to be scheduled within the statement of affairs.
One of the notable classes of creditors on which more detailed information will be required is the company’s employees who can have both preferential and unsecured elements to their claims. Details will be required about their employment contracts to enable their weekly pay to be determined. Employee information will usually be required on their arrears of pay, notice period, holiday periods, pension contributions and length of service to determine their redundancy entitlements.
Finally, for the statement of affairs, details of the shareholders will be required so that it discloses who the business owners are and their respective shareholdings.
The SIP 6 report to creditors which is required by the regulation known as Statement of Insolvency Practice Number 6 involves the provision of information to creditors which explains the statement of affairs.
This report also needs to explain the circumstances of the liquidation and provide recent company trading financial information which may well amount to the last three sets of full accounts which include the profit and loss figures. In addition, an account needs to show the change from the last accounts to the financial position at liquidation shown in the statement of affairs. This is provided by what is known as a deficiency account.
If you want to quickly liquidate a company then Oliver Elliot can help. Our CEO, Elliot Green has been involved in the liquidation of companies for over 20 years.
Don’t hesitate to pick up the phone for a quick chat to go through your options. If you do want to quickly liquidate then we can accommodate you after exploring the alternatives and that it is the right approach for your company.
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If you have any questions in relation to How To Quickly Liquidate A Company then contact us as soon as possible for advice. Oliver Elliot offers a fresh approach to insolvency and the liquidation of a company by offering specialist advice and services across a wide range of insolvency procedures.
This page is not legal advice and is not to be relied upon as such. This article How To Quickly Liquidate A Company is provided for information purposes only. You should take independent advice on the facts of your case. No liability is accepted for reliance upon this post. Please note that to quickly liquidate a company on the part of the directors is not the same as the liquidator quickly liquidating. One is getting the company into liquidation by the directors and the other is the liquidator undertaking the winding up process which can take far longer.
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