What To Expect During A Business Liquidation

If there is no other option for your company to consider other than to undertake a business liquidation, then it has to be done with the right partners in tow.

 

Though it is not always an easy decision to make when closing a business, liquidating a company is a solution you should consider to soften the situation for stakeholders.

 

One of the most pressing questions involving this decision is how long will it take? In answering this query, plenty of variables are involved and there is no specific timeframe for it without sufficient information available. Yet, once information is on hand, the liquidator can act promptly and the company can be liquidated in a span of weeks. 

 

This timetable is achievable if the liquidation is voluntary or there has been a clear decision to liquidate and the majority of the shareholders consented to the short notice. It can then occur as quickly as seven days as long as there is an adequate statutory notice period given to the creditors. As for compulsory business liquidation, the process may take a bit longer with several steps to follow. Lastly, there will be a 14-day written notice given to the company in question for the winding-up hearing. In the middle of these processes the role of a liquidator, like Infinity Asset Solutions, comes in as a third-party to supervise everything about the business liquidation process. 

 

These professionals are responsible for many things, including the distribution of the liquidated or realized assets to the concerned parties, and knowing all the outstanding claims and satisfying those in order of priority according to law. What you get in the end is a clean and unbiased liquidation.   

 

If you’re considering closing down your business or are in the position where that might be a likely possibility, get in touch with our team at Infinity Asset Solutions. We are a full-service  asset solution provider, and in your time of need our experienced  auctioneers and consummate professionals are ready to help you obtain the best value for your assets.  Contact us today to find out how to begin with your liquidation!