03 Sep 2024
The rise of zombie businesses: Why it’s no time for reckless trading
In the depths of the boom/bust cycle that started with Covid, businesses are doing it tougher than they have for years.
Liquidation services
All businesses face challenges at some stage in their life cycle. Unfortunately, some don't survive because of internal pressures, external events or economic conditions. If your business is in this situation our licensed insolvency practitioners can help.
Our approach is inclusive, practical and pragmatic and, wherever possible, we work towards mutually agreeable solutions that meet the needs of all stakeholders and maximise the financial return.
We’ll work with you fairly and professionally – contact one of our experts now for further advice on the liquidation process.
Voluntary Liquidations
Where the directors and shareholders of a company have identified that the business is insolvent and has no prospect of recovery, the orderly winding up of its affairs is required. The process is very simply and normally involves shareholders signing a written resolution appointing liquidators.
In most cases we charge no up-front fees.
Court Appointed Liquidations
This is where a creditor applies to the High Court to have the company placed into liquidation. In this scenario, the creditor, not the shareholders, decides who is to be appointed liquidator.
Shareholders may voluntarily place a company into liquidation within 10 working days after the liquidation application is served upon the company.
Liquidation warning signs
It you receive a statutory demand from a creditor, contact one of our experts. We can help you resolve the situation and discuss alternatives to liquidation.
The liquidation process
The principal duty of a liquidator is to take possession of, protect, realise and distribute the assets of the company in liquidation to its creditors and, if there is a surplus, to its shareholders.
We are licensed insolvency practitioners who have specialist experience in most industries, and in working with all stakeholders to maximise the financial return to creditors and shareholders.
When the liquidation is complete, the liquidator will take steps to have the company struck off the Register of Companies.
Be aware that if an insolvent company is struck off the Register of Companies without having previously been through a formal liquidation process, it is relatively simple for a creditor to apply to the Court to have the company reinstated and placed into liquidation.
For more information, contact one of our experts now.
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