Liquidation is the final chapter for many businesses. It may sound daunting, but the systems are designed to make the process as straightforward as possible. In this article, we’ll take a look at the liquidation process and the typical timelines.
The process can be relatively quick or could take several years. As a general rule, the bigger and more complex the company, the longer it takes to dissolve. The average length of time is between 6 and 24 months.
The Final Stage
Once the assets have been dealt with, investigations are complete, and creditors have been repaid (if possible), a final report is produced. The final report will summarise the liquidation, including:
- Details of the assets realised.
- A summary of the investigations and any outcome.
- Details of the company’s creditors and if they have received any payment.
- The associated liquidation costs and expenses.
A key factor to a swift and efficient liquidation is good record keeping. The more accurate and visible the paper trail, the easier the process will be for the liquidator. Good record keeping also counts towards ‘good conduct’ on the part of the director, so it pays to get this right.
Liquidation is not easy, but it can be relatively straightforward. At BCR Insolvency, we are experts at guiding companies through the liquidation process. If you are unsure which way to turn, or you would like to confirm your options, you can call us today for free and confidential advice.
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