Liquidating real

Given that the insolvency practitioners’ main duty is to work in the interests of the creditors, you should take care when seeking insolvency advice for your business if there are personal areas that need addressing first.Perhaps you’re considering selling off your C corporation’s assets and liquidating the firm.To start with, it’s probably worth you understanding what the typical director of an insolvent business has gone through to get an idea of why he has called on the insolvency practitioner in the first place.Typically, a company director will have gone through many months of stressful negotiations with HMRC for taxes owed and the bank to try and raise additional funding.The liquidation engagement paperwork itself will tell you to seek your own legal advice when it comes to potential personal liabilities falling out of company liquidation. I am not in any way being critical of insolvency practitioners as they are merely doing the job that they are assigned to do.We work with some of the best insolvency practitioners in the UK every day of the week and in their defence they will argue that where a personal guarantee is in place, for example, as a liquidator they must act with due care.In very simple terms, once you engage an insolvency practitioner the very people you are pouring your heart out to may well be using the information to pursue you personally, later, when your business enters liquidation.There are some things that all directors should know before appointing the liquidator. Once the insolvency practitioner is engaged as a liquidator for your company they act in the best interests of the creditors and therefore cannot advise or help you with personal areas that need addressing, due to a clear conflict of interests.

Even with the best intentions, what is originally set-out to help you close your business; by engaging the insolvency practitioner too soon it can quickly leave you in deep waters, without a paddle.This was seen in 2007 with the Cheeky Girls as one creditor fought to have their family home, owned by their mother, sold to recoup the £130,000 debts.You will be required to hand across all company documents to the liquidator, so keep copies of relevant documents/communications that you may need later in case they go astray.Keep a clear audit trail of expenses and monies that you are owed from the company.To be absolutely clear, the insolvency practitioner/liquidator is just doing their job.

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