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'Business bankruptcy' or 'Bankruptcy for business' are terms often used for company liquidation, and although business bankruptcy is not an official insolvency procedure, it is generally used to refer to the company liquidation process.
Liquidation can be voluntary or forced. It is an insolvency procedure that will close your business, deal with the outstanding financial liabilities, administrate the sale and return of any company assets and notify Companies House that the liquidation has taken place and that therefore the company will no longer continue to trade.
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This process is conducted by a licensed Insolvency Practitioner. The responsibility lies with the Insolvency Practitioner who has to perform this process according to strict guidelines and law. The Insolvency Practitioner will hold a meeting of creditors where all company creditors are invited to attend. At this stage it is possible for majority creditors to appoint their own Insolvency Practitioner to administer the liquidation.
Once the company has been liquidated, and all the creditors have been informed, all remaining assets are sold and the money generate from this is shares pro rata amongst all creditors.
If personal guarantees have been signed these are likely to fall due on the individuals that have given securities against them. At this point we will also assist you in dealing with your personal guarantees as these can have serious implementations or the individuals concerned.
The level of debt causing company liquidation for can vary considerably. Small business bankruptcy can occur for significantly lower debt levels than more established larger companies as this debt is comparative with the size of the business.
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