In amongst all of our professional Manchester contacts that we work with on a day to day basis, we have a small and carefully selected number of licensed inolvency practitioners. Unfortunately, there are times when directors come to us far too late in the day. Once we have taken an overview of the state of a company’s business, if we think we cannot help we say so. It is understandable that directors hang on for dear life to save their company but if they would only come and talk to us sooner, there would be a much greater chance of us being able to assist. When it’s all too late for a Cheshire or Manchester company, we have no choice but to pass you over to a company liquidator.
If that all sounds rather frightening, we don’t mean it to be. Once directors realise their Greater Manchester company is insolvent and is beyond saving then they must do the right thing and put the company into liqudation. The most common form is voluntary liquidation. In other words, the directors “volunteer” to put the company into liquidation. A savvy director knows it can often provide an opportunity to dispense of company debts and start afresh by buying the assets back from the licensed insolvency practitioner in Manchester. It is of course a practice frowned upon in some corners of the business world but in reality if the directors make the best offer for the assets it actually helps maximise a return to creditors within the liquidation.
Once we know more about you and your company we can help select the most appropriate licensed insolvency practitioner. Larger firms tend to work on larger company insolvencies often on the instruction of the company bankers. Small, boutique type firms of insolvency accountants are often just a 2 partner firm that does a lot of creditors’ voluntary liquidations, company voluntary arrangements and pre-pack administrations. It is important therefore that your company is passed over to the most suitable type of insolvency practitioner. We take location into consideration too and always look to refer you to a Cheshire or Manchester Insolvency Practitioner depending on exactly where you are in the north west of England. Rest assured, you will be referred to a skilled liquidation expert who knows what they are doing!
Manchester insolvency practitioners must of course act in the best interests of creditors and as part of his duties he will employ a valuer, usually an auctioneer, to come and look at the assets of the company and see what they will be worth. The insolvency practitioner must set out the state of the company’s affairs -a “statement of affairs” that shows the value of all assets and all the liabilities. Clearly, in an insolvent liquidation there will be an overall deficit showing at the bottom of the statement of affairs.