How To Start A Liquidation In 2022 And Get Out Of The Starting Blocks

This is a article on how to start a Liquidation in 2022.

In this guide you’ll learn:

  • What information is required to start a Liquidation.
  • How you can help us to verify your identity.
  • What we do with your personal data to verify your identity.
  • The company information we need to get the Liquidation started.

So let’s get cracking.

how to start a liquidation

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Starting A Liquidation

In order to start a Liquidation, the Insolvency Practitioner requires up-to-date details of the structure of the company and its financial position.

How To Start A Liquidation And Get Out Of The Starting Blocks

In order to start a voluntary Liquidation, the Insolvency Practitioner who is likely in due course to become the Liquidator comes as a stranger to the affairs of the company. So he or she will need up-to-date information on the structure and the finances of the company to ensure that accurate information can be provided to the company’s stakeholders and to enable the Director(s) to comply with their Director Duties.

What Information Is Required To Begin With?

Before a Liquidation can commence the identity of individuals needs to be verified as part of the ethical requirements and money laundering due diligence checks:

Identity Verification

In order to verify the identity of relevant individuals the following documents and information will be required:

driving licence and passport to start a liquidation
  • passport
  • driving licence
  • recent utility bill within the last three months with name and address showing if the driving licence is unavailable

In most instances, all that is required is the passport and driving licence scanned over to us along with confirmation of your consent to us doing an electronic identity check. The documents required will be asked of you before we start the Liquidation process as set out in your engagement letter.

Using the numbers and data on your passport and driving licence we can quickly do an electronic identity check. This saves you the time and trouble of having to get your documents certified. We use Veriphy to help us do this and then we can accept you as a client to get started with the Liquidation.

If we have sent you a link to this page on our website in an email and you have then provided your identity documents we will treat that as your consent to processing your personal data to deal with the identity check.

Company Information

The information that is required, to begin with are documents that show or explain:

company information to start a liquidation
  • the identity of all individual(s) that control the company such as its Directors and Shareholders
  • names, addresses and email addresses of all Directors and Shareholders
  • details of the company name (and former names)
  • company number
  • names, addresses and amounts owing to each creditor (including Directors and Shareholders)
  • tax references and offices / UTR
  • VAT registration number
  • VAT deregistration date (if applicable)
  • nature of the company’s trading activities
  • details of company location
  • trading address
  • registered office address (and former registered office addresses)
  • full details of any personal data and sensitive data held by the company
  • details of any Information Commissioners Office registration details and GDPR policies
  • bank account number / sort code with up to date bank statement
  • bank email and address contact details to freeze the bank account
  • accountants and tax agents details
  • reasons for the Liquidation
  • explanation of any ‘cash’ based trading activities
  • location of the company’s records and a simple inventory of the records held
  • date trading started
  • date trading ceased

What Next? Expert Advice Is Just A Click Away

If you have any questions in relation to How To Start A Liquidation then Contact Us as soon as possible for advice. Our expertise is at your fingertips.

Disclaimer: How To Start A Liquidation

This page: How To Start A Liquidation is not legal advice and should not be relied upon as such. This article How To Start A Liquidation is provided for information purposes only. You can Contact Us on the specific facts of your case to obtain relevant advice via a Free Initial Consultation.

The information on this page relates to a voluntary Liquidation.

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