Liquidation can only be carried out by a licensed IP, so where should you look for an appropriately qualified individual or insolvency firm to help you? Word-of-mouth recommendations are usually very helpful, and your accountant or legal adviser may have knowledge in this respect.
UK Liquidators are the UK’s largest liquidation company and have more than 25 years’ experience of helping directors voluntarily close down their limited companies.
Given their role within your company, your accountant might be aware of a firm of insolvency practitioners in your area that could help. The fact that you have to liquidate might mean that you don’t want to ask your accountant, however.
You may not wish to speak to them about the matter if you feel their advice or actions led to the company’s financial decline in some way, but if you have regular dealings with a legal adviser and you trust their judgement, this could be another source of recommendations.
Local insolvency practitioners may be members of your local Chamber of Commerce, which is often a reliable source of referrals for business owners. In fact, if you attend networking meetings or other events locally yourself, one of your peers or other businesses might also be able to help.
Chambers of Commerce can be a valuable source of recommendations given their role in the business community, and you can further assess the quality of their referrals by meeting the recommended individuals in person.
The internet has become the ‘go to’ source of information, and can provide a multitude of leads when you’re looking for a liquidator near you. A straightforward search for licensed insolvency practitioners in your area will uncover many possibilities, but it’s important to research each one carefully before proceeding.
Only insolvency practitioners who are licensed can undertake formal procedures such as voluntary liquidations, so this is the first search criteria. ‘Insolvency practitioner’ isn’t a protected term, and anyone can advertise their services as such.
When an IP becomes licensed it means they’ve passed stringent examinations, undergone extensive training, and have relevant experience, in comparison with a non-licensed IP who may simply advertise as an insolvency ‘expert.’ In reality, they could simply take your details and charge you for a referral to a licensed IP.
Entering insolvent liquidation voluntarily via a Creditors’ Voluntary Liquidation (CVL), as opposed to being forcibly liquidated by a creditor, means you can appoint your own choice of insolvency practitioner.
This is an important issue as it offers you more control over the process, so it’s worthwhile taking time to read through an insolvency firm’s website to obtain an idea of their expertise and previous industry experience.
It’s a good idea to search for an IP or firm that offers you an in-person meeting rather than simply communicating via email and phone – it’ll help you assess whether they’re right for you.
UK Liquidators has extensive experience of helping directors to liquidate and close down limited companies in all industries. We can offer you a same-day consultation free-of-charge, and with a broad network of offices around the country, support you on a local level wherever you are.
If you are considering liquidation for your limited company, taking advice from a licensed insolvency practitioner can help you understand your options.
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If you are considering liquidation for your company, taking expert advice at an early stage is crucial. At UK Liquidators, our team of licensed insolvency practitioners are committed to providing limited company directors with the help and advice they need to make an informed decision.
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