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As insolvency practitioners, our role goes beyond providing advice – we also offer comprehensive support to our clients throughout the process. So, it was rewarding to receive some positive feedback from two directors after successfully concluding the solvent liquidation of their company. It’s satisfying to know that our efforts helped guide them through a smooth […]
“I felt compelled to send this email after several conversations recently when you have time and time again been such a help in the liquidation of my company. After 25 years, coming to terms with the fact that my business could no longer continue was traumatic to say the least, and the knowledge that this […]
Liquidations are a complex process in that the Insolvency Act 1986 has the exact same provisions and processes for both a public limited company (listed on the Stock Exchange) and small companies with two directors and shareholders. We appreciate that directors are not familiar with the legislation and the various technical hoops a company must […]
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Insolvency vs Liquidation – What is the difference and how can it affect your business? Insolvency and liquidation are related but distinct concepts in accounting and law. The main difference between the two is that insolvency is a state that your business could be in, whereas liquidation is the process of dissolving the company to […]
Insolvency in business refers to a financial state where a sole trader or organisation is unable to meet its debt obligations as they become due. Insolvency in business indicates a situation where the liabilities of a business exceed its assets or where the business cannot generate sufficient cash flow to cover its financial commitments. This […]
In all insolvent liquidations the directors, most often with the assistance of an insolvency practitioner, prepare a statement of affairs which is provided to all creditors prior to the date of liquidation. What is a statement of affairs? The statement of affairs is similar to a company balance sheet and provides creditors with a picture […]