Liquidator in Liverpool
Are you looking for a Liquidator in Liverpool who can wind up your company with minimal fuss, speed, relieve your financial stress, protect your future and provide you with a fresh start?
Lucas Johnson are Liquidators who are based in Liverpool city centre, but cover the whole of Merseyside and beyond. We know that placing your company into Liquidation is not a decision to be take lightly, which is why we help you every step of the way.
Entering into liquidation can be a daunting prospect, you will have lots of questions, lots of unknowns and many fears. We will answer them all and be available to answer them whenever they arise. Contact us on 0151 236 1924 to speak to a Liquidator in Liverpool right away.
The process usually takes approximately 3 weeks, but it can be done sooner depending on circumstances. You remain in full control until the company is in liquidation, but we will fulfil your responsibilities as much as we are able to ensure you do not have to deal with the unknown. Going into Liquidation doesn’t mean you cannot be a director again or that you can’t carry on in business. There are some hurdles to jump through, but we will guide you every step of the way.
Insolvency is the inability to pay one’s debts as they fall due. Bankruptcy and individual voluntary arrangements (IVAs) are insolvency processes used by individuals; liquidation, administration, administrative receivership and company voluntary arrangements (CVAs) are insolvency processes used for businesses.
When a company is unable to pay off its debts, it is referred to as insolvent or trading as insolvent and specialist Insolvency Practitioners are required. The UK Insolvency Act 1986 defines insolvency both in terms of cash flow and balance sheet. A company can be cash-flow and/or balance sheet insolvent. The key parts of the Act for defining being unable to pay a company’s debts:
Section 123 (1) (e) if it is proved to the satisfaction of the court that the company is unable to pay its debts as they fall due.
Section 123 (2) A company is also deemed unable to pay its debts if it is proved to the satisfaction of the court that the value of the company’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.
Once a business is insolvent there are various core options available to management and creditors – those who are owed money by the business. Creditors include bank lenders, suppliers, other trade creditors and the Inland Revenue. Directors risk civil and criminal offences if they knowingly allow a company to trade whilst insolvent.
Contact us now on 0151 236 1924 for insolvency advice and to start the process of dealing with your insolvent company.