THE LIQUIDATION PROCESS EXPLAINED

Hello and welcome to Director First.
Check out our latest video on this topic below
• The Process of Liquida...
🔴What's the process of a liquidation?🔴 - this video will share important insight that you don't want to miss!
Don't forget to click subscribe to stay up to date with all content.
You can call us on 0800 086 2766 or send us an email at [e-mail] or book a call below:
meetings-eu1.h...

[@buckerooney2247]

A compnay owes me £12.5k. Just received a voluntary liquidation from the company. They do have assets so what happens to the money owed to my company.

[@DirectorFirst]

If your an unsecured creditor be prepared to not get anything back

[@WindowWarriors246]

What do you as liquidators do with the office equipment and other possessions of a business?

[@DirectorFirst]

Generally the director makes an offer to buy them back from the liquidator, not always, but in most cases

[@168tsai8]

Is this how liquidation works in the UK and Commonwealth or in the USA as well? Is the Declaration of Solvency the form typically filed or is there a different one for companies that are insolvent?

[@DirectorFirst]

Hi Tony, I only work in the UK mate so can’t answer the question.
Thanks for the comment

[@tanner9956]

Hey I got a question are non-current deferred tax assets worth anything in the case of a liquidation

[@truthtruth3806]

So helpful video👍🏻

[@DirectorFirst]

your very welcome mate

[@ganxta23tmk2002]

Hello if I am the director and I am paying a company to take care of the liquidation process, how involved do I have to be, or they do everything on my behalf?
Do I have to go to the meeting with the creditors?
I understood you have to fill in the assests report but anything else or the company does everything in my name?
Can I open a new business while in the process of liquidation going thru with the old company?
When do I have to stop trading?

[@DirectorFirst]

You’re definitely going to need to be involved even if it is just signing papers and responding to queries.
If none of your creditor’s request to attend the meeting then you won’t need to. Ask your IP if anyone has requested to attend yet

[@DirectorFirst]

You can start another company up but be mindful of what you call it, it can’t be a similar name to the one you are liquidating unless you are purchasing the trading name from the IP if your doing that make sure you follow the correct guideline