What impact will Voluntary Liquidation have on you?
Liquidating your company will have an impact on several different groups of people. For your own peace of mind, it may be worth considering how each of these will be affected by your company going into Voluntary Liquidation.
Directors.
In most circumstances if you put your company into Voluntary Liquidation this has very little impact upon you. There is some paperwork to do, and you will have to chair the meeting of creditors, but that’s it. Putting a company into Voluntary Liquidation is an acceptable action by a Director, and so has little impact on your future.
Shareholders.
Shareholders will lose their stake in the company when it goes into Liquidation. Although it’s probably not worth a great deal anyway as the company is insolvent.
Employees.
Employees are the only priority creditor. Even if the company can’t afford their redundancy, then the Government will pay (including up to 8 weeks of back-dated unpaid wages).
Creditors.
Creditors are paid from anything left in the pot after employees and Liquidators have been paid. If there is anything left (and that’s a big ‘if’) creditors will get a dividend payment proportionate to the level of debt they have.
How can we help
Unlike other Liquidation Companies, we have structured ourselves and our Voluntary Liquidation Services in a way that genuinely helps you the most.
By Liquidating through us, we will:-
- Ensure you are aware of any problems before you commit to Liquidation
- Make sure your Liquidation goes as smoothly as possible
- Deal with any issues before they become a problem
- Try to make sure this is your first and only Liquidation
- Minimize the pain of Voluntary Liquidation
Make a fresh start in business and start your Liquidation – call 0800 612 94 78 now.
