Is Your Business At Risk?
At Augusta Kent, we have extensive experience of all types of liquidations – whether acting as court, creditor or shareholder appointed liquidators. We also have extensive experience of selling the businesses goodwill and assets out of Liquidation to an interested party for more than would be achieved if the Company had ceased to trade. The business is saved, jobs are not necessarily lost and the Company’s body of creditors can benefit from greater realisations and an ongoing trading relationship.
In all cases it is important to seek professional advice as early as possible: either to ensure that your interests are best served, assets are preserved or to prevent breaching your fiduciary duties and becoming potentially personally liable for the Company’s losses.
Time is of the essence in these circumstances – contact us without delay for a free initial consultation with no obligation with one of our licensed insolvency practitioners.
- Members’ Voluntary Liquidation
- Creditors’ Voluntary Liquidation
- Compulsory Liquidation
(Formal Winding up)
Applicable in cases where the company is solvent and the shareholders wish it to cease trading and realise assets of the company in a tax efficient way. In this process, the shareholders appoint the liquidator to realise and distribute its assets to repay any remaining debts in full, with interest, within an approved timescale (maximum of twelve months). We have extensive experience in these cases and can action this quickly and efficiently for you.
This is a shareholder and creditor driven insolvency process whereby the company is insolvent and the shareholders take a formal decision to wind it up. In this case, the creditors can choose the liquidator (who may differ from the one originally nominated by the company). Only a licensed insolvency practitioner can be appointed.
Whether you are a director or shareholder of a business that may be insolvent or a creditor who wishes to have your interests represented, contact us as soon as possible.
This is where someone, usually a creditor, requests that the court winds up a company because of an outstanding debt (following a written demand for payment). If the company fails to pay off the debt, a process is set in motion that will usually result in the company’s bank account being frozen. Our clients often refer to this as ‘business bankruptcy’ (the formal term ‘bankruptcy’ is only applicable to individual insolvency). The company is likely to be closed down upon liquidation.
If your company is under financial duress, court actions may be missed or ignored. However, in this circumstance it is essential to seek the advice of a licensed Insolvency Practitioner without delay. There are a number of insolvency procedures that can halt this process in its tracks and protect the company’s assets whilst a remedial strategy is identified and actioned.