www.companyliquidations.co.uk are able to offer business liquidation help and company insolvency advice to companies out there that are facing serious financial strain and are actually thinking about company liquidation.
Online PR News – 11-October-2010 – – Not many people understand what voluntary liquidation is but it must be made clear that it is not bankruptcy. https://www.companyliquidations.co.uk are able to talk to people and help advise them on how to go about it. If a business is in financial strain or in serious debt, it is a good idea to read the information on the website because it will help shed light on a few matters on how to avoid bankruptcy and clear debt.
The Insolvency Act 1986 lays the legislative groundwork to help struggling companies to avoid bankruptcy and protect themselves, as they overcome their financial difficulties through insolvency services.
company liquidation is one of the most popular and beneficial avenues that businesses turn to when facing insolvency. This can allow a company to sell the business assets without negative publicity, which could destroy the value of the business and lead to loss of customers and staff. It also limits the liability that the directors can be accounted for - which is the main reason for liquidating a company.
Liquidating your company can also be used to keep a business trading when there is a lack of available funds, this is where the administrator will look for potential buyers whilst the company is going through insolvency proceedings.
In order to go through this process, an Insolvency practitioner must first be appointed by the company, to place the business into company liquidation.
The IP will be responsible for disposing of remaining assets, ensuring creditors are paid and distributing surplus funds among shareholders, the insolvency practitioner is also responsible for overseeing the whole process, attending meetings and producing relevant paperwork and progress reports throughout the liquidation process.
This is a legal process and the IP will be heavily regulated both by statute and by the codes of practice of their professional bodies to make sure the business’s interests are protected and there are no wrongdoings. If an Insolvency Practitioner is found by the court to have acted improperly he may be made liable for misfeasance. If he is judged to have acted improperly by his professional body, he will be subject to that body’s disciplinary proceedings.
For companies and businesses out there seeking business liquidation help, company insolvency advice or professional insolvency practitioners, there is help out there with firms working with the company’s best interests in mind. Their insolvency services are tailored around the Insolvency Act 1986 and only work to help the business come out whatever financial difficulty it is facing and breathe new light in to the business.