Liquidating business issues Cams sex love

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Although directors are not normally held responsible for the debts of a limited company, if the court finds you guilty of wrongful trading then you may be asked to assume liability for the money the company owes.This is a very real possibility if you continue to trade while knowingly insolvent and therefore fail to adequately fulfil your duties as a director.For the director of a company facing the prospect of liquidation, either through voluntary or forced means, it is undoubtedly a stressful time.

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The process of voluntary liquidation is generally less stressful as the procedure can be planned in advance to minimise disruption.As the company directors have access to the assistance and guidance of an insolvency practitioner who will manage the entire process there is often very little for the director to do once proceedings have been initiated.As long as the necessary reasoning can be demonstrated to show voluntary liquidation will provide the best outcome for the company’s creditors, then approaching a liquidator to place the company into is surprisingly straightforward.While the exact steps taken will vary depending on the type of liquidation, both processes will be overseen by an insolvency practitioner, or official receiver, and will involve the sale of all of the business’s property, assets, and holdings, followed by the complete dissolution and closure of the company.In other words, whether the liquidation is voluntary or compulsory, the end result will be the same; creditors are paid as much as possible and the company ceases to exist.

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