Process of liquidating a company

From April 2017 though a physical meeting of creditors will not be summoned unless this is explicitly requested by at least the following; The liquidator will be approved by what is termed deemed consent unless is met with objection from at least 10% of creditors (in value or number).

If there is an objection then a vote will need to be held.

This must be not less than 14 days notice, but it is usually 21 or so days.This is not the same as its debts being discharged, as happens when an individual files for Chapter 7.The debts still exist in theory, at least until the statute of limitations has expired, but there is no debtor to pay them, so they must be written off in practice.But always act properly, don't take chances and think you are a smarter than the law.You aren't, lots of people think they are and end up in personal financial trouble. If the business has no future and very little cash, debtors or small asset values, get it into liquidation BEFORE it runs out of cash and assets to pay for the liquidation.

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