How To Start A Liquidation. If you are a Director looking to Liquidate your company, Oliver Elliot can help you.
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:
In order to verify the identity of relevant individuals the following documents and information will be required:
- driving licence
- recent utility bill within the last three months with name and address showing
The information that is required, to begin with is, documents that show or explain:
- 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
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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.