Liquidation is the process used to bring a company's life to an end. The company property is realised, the creditors paid out in a fixed order of priority and the surplus, if any, is distributed among the shareholders according to the constitution of the company or according to the Companies Act 1993. When these steps have been carried out the company is removed from the register.
There are two types of liquidation.
- Insolvent Liquidation
- Solvent Liquidation
In some circumstances, such as in shareholder disputes where the assets may be at risk, the Court may appoint an interim Liquidator, who's powers are generally restricted to protecting the assets and reporting back to the High Court with their recommendations.
At RES Corporate Services Limited we know that dealing with these issues can be difficult and stressful. Our experience in this area enables us to intervene in the most efficient and effective manner to maximise value for all stakeholders.
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