What is the liquidation procedure of a company?

The process of closing an insolvent UK company through liquidation can be a difficult process to understand.
This short video explains the liquidation process and what can cause personal implications for the director.
What is the process of liquidation?
You are the director of an insolvent limited company. The company is your responsibility, so you engage an insolvency practitioner (IP). The IP then becomes the liquidator, and their job is to represent the creditors and achieve the best outcome for them. They will also investigate the director.
What can cause personal implications for a director?
During this process, if the liquidator finds any directors loans, illegal dividends, or misuse, there could be personal implications during liquidation.
Should I go direct to an insolvency practitioner?
Speak to us first. The Directors Helpline specialise in guiding limited company directors through stressful financial circumstances. Our service is FREE, confidential and impartial. We have over 15 years experience and have helped over 20,000 directors overcome creditor pressure.
Whatever you're facing, our expertise cover:
Bounce Back Loan Help
Closing a Limited Company
Help with HMRC Pressure
Advice on Personal Implications
Business Restructuring
IR35 Advice
Alternatives to Closing
Get in touch with our team today.
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