Going into Liquidation

In this video Neil Henry, Director of Lines Henry, talks about going into Liquidation.

When going into Liquidation two meetings are called, one with the shareholders where they officially make the decision to cease trading, and another meeting with creditors which is usually held immediately after. The creditors will receive a report from the directors on the affairs of the company and also confirmation of the Insolvency Practitioner who is in charge of the Liquidation.

Once the decision has been made to liquidate the company the notice of liquidation will then go into The Gazette and over the next few weeks, the Insolvency Practitioner will need details of debtors, assets and liabilities plus the full details of creditors. The Insolvency Practitioner will send notices to every creditor.

It is very rare these days that all creditors will attend the meeting, some may send a representative or just make their wishes known.

To find out more information on the issue of going into liquidation, watch the video or get in touch with Lines Henry for a confidential chat.