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| Liquidation | Explore 800 Articles on Consolidating Your Debts
Courtesy of: Business Link
Get help and advice about your debt problems
Winding up,
bankruptcy, receivership and administration
These are disturbing words and you would be worried if you heard
them mentioned in connection with a customer. You would be even more worried if
you heard them mentioned in connection with you or your business.
These are very large subjects and the following are only outline explanations of
some of the terms involved:
* Winding up happens to a company, rather than an individual. The company is
dissolved and ceases to exist. If it is an insolvent business, not all of the
creditors will get paid in full. Winding up is done by a liquidator.
* Bankruptcy happens to an insolvent individual or partnership. In the case of a
partnership, all the partners are made bankrupt.
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* Receivership is when an administrative receiver is put into a company to
secure the assets of a company. Creditors petition the court for receivership
and a receiver is appointed by the courts.
* Administration happens when an administrator is put into a company to run it,
and to try to save it. If this is not possible, the administrator will try to
achieve the best results for all the creditors.
* Licensed insolvency practitioner - only a licensed insolvency practitioner can
be a liquidator, administrative receiver or administrator. Insolvency
practitioners are licensed by a variety of bodies and have an umbrella group
called the Association of Business Recovery Professionals.
In business matters, initial advice is generally best obtained from your
accountant or solicitor. For details of who may be able to offer help, see the
page in this guide on debt advisory bodies. You can also find information on
help available at the Insolvency Service website.
Insolvency in Scotland is dealt with by the Accountant in Bankruptcy (AiB).
Courtesy of:
http://www.businesslink.gov.uk/bdotg/action/detail?type=RESOURCES&itemId=1073791084
HEALTH CHECK
If you feel the STRESS is affecting your health then it may be advisable to end the cause of the stress. It may mean a few changes in your life, but remember that you've probably ridden a bumpy ride so far and shown how resourceful you are; so to end the cause may not necessarily mean an ending of a chapter, but the starting of a new one. You are resourceful, you are competent, so therefore a new start is maybe just what you need. You will find an article about stress should you need it within this website.
DISCLAIMER – Reading and understanding the legalities of Liquidation and Bankruptcy on this website is no substitute for proper legal advice. Whilst the information within this website is a good guide, there maybe situations where the information is not understood correctly or miss-interpreted.
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