Liquidation Advice

 

Choosing the right Liquidator for you

Not all Company Liquidators are the same.  Different Liquidators focus on different areas of business and have different approaches to it.

You will probably need a Liquidator only once in your business career, and so you should be aware of what you are looking for first.

Speak to your prospective Liquidator or Insolvency Practitioner.  Remember this is someone who is dealing with the closure of your company.  A company that you have worked hard to grow.   Do you feel comfortable talking to them?  If you don’t, this is normally a bad sign.

Do they appreciate what your situation is? Do they bother listening to what you want and what you are nervous of?  It is you that will decide who to use, at least they should show you the respect of listening to you and your concerns.

Have they made you aware of all the issues surrounding your Liquidation? Ask them directly about potential problems that you are worried about.  If they aren’t prepared to take the time out, then they probably won’t show too much concern about ignoring your wishes at a later stage.

Are they specialist in Limited Companies or do they deal with personal debt as well?  Some Insolvency Practitioners focus on corporate issues solely; most will have a mixture of dealing with business and personal. Specialist Corporate Insolvency Practitioners will typically offer a better service, although they are more difficult to find.

Are they willing to discuss other options?  Liquidation isn’t the only option that might be open to you.  They should be willing to discuss other options, even if they don’t offer them.

How soon do they quote you a fee?  Liquidation costs will vary depending on your situation.  If they don’t take the time out to discuss your situation with you, then the fee may go up after you have committed to it.

It is natural to have a degree of nervousness about Liquidating your company, put that aside and listen to what your gut instinct is telling you, it is usually right.

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