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Wednesday, 27 June 2012

Creditors Voluntary Liquidation Flowchart from KSA Group

You have a company that is no longer viable and has debts to HMRC and perhaps trade creditors. You are worried about personal liability if you continue to trade.  The solution could be a creditors voluntary liquidation. 

Step 1 – Find a Liquidator. We can help as we have a number of insolvency practitioners. Uniquely to KSA Group, YOU can speak to one of our IP's TODAY, if you call now on 0800 9700539. It is not possible to liquidate your own company, as the law just doesn’t allow it.

Step 2 - Pass details of any company assets over to the proposed liquidator, and our valuers may get these valued. This will independently set the value of the assets for going to auction, or you may wish to buy them.

Step 3 – Let us know who the company owes money to (creditors). KSA will write to them all to let them know what’s happening and tell them that a creditors meeting will be held. This will quickly remove creditor pressure from YOU and they will start talking to KSA instead!

Step 4 – Give us all company information and books and records. KSA will give you a list of all the information we need in order to liquidate your company. This information will allow us to prepare the necessary reports for the creditors.

Step 5 – A company director needs to "chair the meeting of creditors". In actual fact the liquidator will run the meeting but you or one of your directors must attend it by law. The meeting of creditors is usually a simple short meeting with no one attending.

Here is a flowchart that makes it a bit easier to follow.  You can click on the image to download a copy.

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