When you contact us, the first step is a free, no obligation chat with one of our insolvency practitioners. We'll get an insight into your predicament and an understanding as to what you want to do with the company.
We will consider all of the available options but if liquidation is most appropriate, we will ensure that the law and appropriate professional standards are complied with and that the rights of all the parties are protected.
A voluntary liquidation is initiated by a board meeting of the directors with our assistance. This initial meeting instructs a licensed Insolvency Practitioner to advise the directors and to assist in convening meetings of the company’s shareholders and its creditors.
A meeting of company shareholders will be held on a business day between the hours of 10.00 a.m. and 4 p.m. with at least 14 days' notice.
A meeting of creditors will be held with at least seven days' notice.
The shareholders’ meeting resolves to pass an extraordinary resolution that the company should be placed into voluntary liquidation and that a liquidator be appointed. A company director acts as chairman of the meetings.
Company directors then assist the appointed Insolvency Practitioner to prepare a detailed trading history of the company, together with providing financial information as to its affairs. This report will be presented as a director’s report to the meeting of creditors. The report will comment on the conduct of the directors in relation to the demise of the company. This should show that the directors behaved responsibly and no wrongful trading took place.
The creditors are then asked to approve the appointment of the liquidator, by a simple majority in value or to propose an alternative liquidator and decide whether they wish to appoint a liquidation committee to supervise the conduct of the liquidation.
Upon appointment we would realise the company's assets and distribute realisations according to the claims of various classes of creditor. We are prepared to consider agreeing our remuneration on a performance basis with a view to maximising the return to creditors within an agreed time scale.