Company liquidation is a long and tiresome process; it might be mandatory or non-mandatory. Once you plan to close down your business, the government entities should be notified of the same, to avoid any accumulated fines and penalties.
If your company is one of these following legal form, then you will have to approach a company that offers business liquidation services.
In the simplest form, liquidation is a formally process that is used for the closure of a limited company. As part of this process, the register kept at Companies House will sell all the company's assets before the company's outstanding creditors and/or shareholders benefit. Once this is done, the company will no longer exist as a legal entity. Any outstanding debt owed by the company will be written off until the director has personally guaranteed these borrowings.
The term of liquidation is the process of liquidating a business and distributing the value of assets to claimants in finance and economics.
* A bankrupt business does not exist after the completion of the liquidation process.
* Liquidation may also refer to the process of selling inventory, usually at steep discounts.