If the decision has been made, or it is an inevitability like it or not, that your Company will be going into Liquidation this is a process you would much rather undertake with a level of control and pre-planning, rather than letting it get completely out of your hands.
If you are proceeding to the liquidation by choice, you need to get your ducks in a row ready for the handover to the Liquidator so that you have the tax consequences addressed, ownership and control of Company assets you wish to retain transferred beforehand and of course to reduce the cost of the liquidation itself.
While there is less you can do if you are proceeding to liquidation because the Company is failing, there are still preparations that should be made. Small things like ownership and control of phone numbers, emails can all of a sudden become big problems if not addressed in advance.
Bigger items like access to your business premises, personal or other entity assets held with or otherwise intermingled with Company assets could become caught by the Liquidator’s net.
And then, of course, there is the issue of personal guarantees, director liabilities and related party loans. You don’t want surprises, because one the Liquidator takes control, they will be working for your Creditors, not for you, and you want to minimise the impact on your personal wealth, your other business and investments interest, and your life in general.
So please, don’t put your head in the sand, and don’t just take the easy option of washing your hands and attempting to walk away. Because very often it simply can’t work that way and instead this could become an ongoing saga like you never considered.
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