Business Liquidation

Thinking of a Business Liquidation? What Are The Options?

Business liquidation is a generic term to describe the closing down in a formal insolvency procedure of a business such as a limited company or partnership.

The Business liquidation, often seen described as a CVL or creditors voluntary liquidation, is overseen by a liquidator who is qualified and licenced to bring a business to a formal end and make sure that the assets such as exist are distributed to the creditors in a pro forma manner, or if no assets are available to ensure that all creditors are made aware that the business has been properly closed down. The liquidator will have powers to investigate the conduct of the directors or partners of the business in liquidation, and if appropriate make a report to the Secretary of State on the conduct of the parties. S/he can launch actions to recover assets and property of the company or partnership that may have been transferred out for undervalue.

It is important, if considering a business liquidation, to take action early. The law requires directors especially to be aware of how their company is performing as they have the benefit of limited liability to shield them from the worst effects of the debt they may have built up. However, if they see that the company is insolvent and that it has no prospect of trading out of trouble, and yet they continue to incur additional debt, they may be prosecuted for wrongful trading.

A business liquidation may be conducted in such a way as to allow a new trading entity to emerge from the ashes of the insolvent business. However, the earlier the intervention, the better chance there will be that something viable can be salvaged for future trading.

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