If you’ve been struggling to keep your company afloat, or have already reached the stage where it’s insolvent, you may be worried about what liquidation means for you and your business.

It’s certainly a challenging scenario. You have to deal with constant pressure from creditors, and this can prevent you from moving the business away from financial difficulty.

So what does liquidation mean in a practical sense, and how can it affect you as a company director?

What is business liquidation?

Liquidation involves selling business assets, and using the funds to pay creditors some of the money you owe. Unfortunately, the business must permanently close at the end of the process, which also means redundancy for any staff you employ.… Read more