Are you a director looking to liquidate your company?

How Will I Know The Company Is Liquidated? If you are a director of an insolvent company or a bankruptcy, Oliver Elliot can help you address your concerns and explain matters fully to you.

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Liquidation Help

The Liquidation of a company is not like switching off the lights. It is a formal legal process and it takes time for the process to be undertaken.

The Liquidation of the Company is a process:

  1. It needs to be placed into Liquidation first and that typically takes around three to four weeks after a Director signs the notices for the company to be wound up and notifies the creditors of the intention to Liquidator the Limited company.
  2. Often the route to a Liquidation will involve holding a Virtual Meeting of creditors that will need to be advertised in a publication that for companies registered in England and Wales will be the London Gazette.
  3. The Liquidator needs to be appointed by the shareholders at what is known as the Members (Shareholders) Meeting of the Limited Company.
  4. The appointment of the Liquidator then has to be confirmed by the creditors either via a Virtual Meeting or what is known as a Deemed Consent procedure.
  5. Once the Liquidator is appointed then he or she will need to undertake the legal and other processes to Liquidate the Limited Company.

Once a Liquidator has been appointed the Directors will be released from your Director responsibilities and duties for running the Company and dealing with all of its day to day duties.

Upon Liquidation, the Directors lose their powers. They no longer have responsibility for filing accounts, confirmation statements and Corporation Tax returns for example only. The Liquidator takes over and will have sole responsibility to deal with those matters once appointed.

Typically the Insolvency Practitioner who the Directors intend to appoint as the Liquidator will prepare a financial report for them to give to the creditors to provide up to date financial information and explain why the company is going into insolvent Liquidation.

Completion of the Liquidation arises not by virtue of the appointment of the Liquidator but once he or she has sought clearance from HMRC, realised the assets and attended to any investigations that arise or are required. After that then the Liquidator will issue the Final Account which is the last report on the conduct of the Liquidation and once that is filed at Companies House then the path towards complete dissolution of the company will start shortly thereafter.

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Disclaimer: How Will I Know The Company Is Liquidated?

This page: How Will I Know The Company Is Liquidated? is not legal advice and should not be relied upon as such. This article How Will I Know The Company Is Liquidated? 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.