Liquidation

Liquidation is immediate and serious. Trading companies are usually closed down. From the date of liquidation the liquidator takes custody and control of all the company’s unsecured assets and assists secured creditors where necessary. The assets are collected and sold for the benefit of the company’s creditors. When the liquidation is complete the company is removed from the Register of Companies.
Accountants or solicitors can provide further information about options for insolvent companies.