Company Liquidation in Manchester

Are you suffering from insolvency? Do you see your creditors lining up to be paid their due? If you are in the throes of liquidation you have already exhausted other means of satisfying your creditors. There are two options of company liquidation in Manchester. You can have a creditor voluntary liquidation or a compulsory liquidation.

First of all the creditors voluntary liquidation is the most common form of company liquidation in Manchester. This is because as a company you still have a little bit of control over your assets. A liquidator will be provided for you to help liquidate your assets. The liquidator will view all your assets, company books, and set up meetings with your creditors in order of priority. They will provide the company information to the creditors to help you pay off your debts. You creditors may seize your assets in the case of a bank they may seize your property and sell it at auction for satisfaction of your debts. In some cases you may have to bring a personal contribution to satisfy the creditor. This will be agreed upon and will not exceed the agreed upon contribution from the directors of the company.

The compulsory liquidation is a bit more involved. The courts will assign a liquidator and your bank accounts will be frozen. In both cases you will be suspended from trading until the debts are resolved and perhaps even a little after. To learn more about company liquidation in Manchester you should speak with a professional who can offer you advise regarding your situation. When you are headed for company liquidation in Manchester you will find no better company than Wilson Field to help you satisfy your creditors and come to a satisfactory close on your business. While liquidation is a last option you should be aware how it works.