Liquidating real gay dating usa
The first port of call of course is usually the company accountant. Even if you have done nothing wrong, should you beware?Many right minded and honest accountants will say that they have little-to-no experience of the insolvency area and will likely refer you elsewhere, to an insolvency practitioner. Insolvency is big business, with around 16,000 compulsory liquidations every year in England and Wales alone.If you have paid yourself any money in the previous 24 months or so, you may have to pay back those amounts to the company, even if the company owes you money.The liquidator, whilst acting on behalf of the creditors, must pursue these amounts and in some cases will resort to personal bankruptcy of the director, if necessary.With credit cards maxed out, there will have only been so many times that siblings and parents could accommodate for that extra loan.So now, emotionally drained and tired through lack of sleep and very often in the process of separation or divorce, the director may finally seek some business debt advice.A failing or failed business will always bring stress, family problems and if you’re really unlucky, divorce.
Even with the best intentions, what is originally set-out to help you close your business; by engaging the insolvency practitioner too soon it can quickly leave you in deep waters, without a paddle.
Typically, such a transaction is accomplished in three stages:1.
The corporation makes a direct sale of its assets to the buyer (or buyers).2.
This advice should help you think twice before you send the tiger the invite when seeking liquidation advice.
Even with the best intentions and wanting to help your business, the insolvency practitioner must comply with their regulations, so do not expect sympathy or personal protection as they will not risk their licence, even if they may want to.With 2,500 qualified insolvency practitioners, it is an industry involving many within the accounting and legal professions.