Fortis Business Rescue

What happens during the liquidation process?

Depending on your business operations, you may find that you can complete the liquidation and winding up process in a matter of weeks.

Usually, however, you should expect liquidation to take between 3 – 12 months.

Once a liquidator is appointed, they will commence with specific steps to complete the winding-up process.

· Asset valuation and sale – what assets does the company have, and what can be sold to repay creditors? Unfortunately, in most cases, creditors will be left unpaid due to a lack of saleable assets.

· Understanding staff issues – are there employees that need to be made redundant? The liquidators will assess employee claims and whether redundancies need to be paid out. They may need to advise the Redundancy Payments Service to claim from the National Insurance Fund if the company cannot afford to cover redundancy pay outs.

· Paperwork and creditors – understandably, there is a lot of paperwork involved in winding up a company, mainly when reckoning creditors and monies owed. This can be one of the most time-consuming aspects of the liquidation process.

Speed up your liquidation process and remove the stress by speaking with Fortis.

The initial conversation is free and strictly confidential.

Send us a message, call us on 0161 694 9955 or email [email protected].

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