We were approached by a group of recruitment companies with 8 companies in a loosely related group. One had been liquidated by a creditor (see Creditors Voluntary Liquidation for a guide to compulsory liquidation), they thought that 6 were insolvent and one was solvent.
The owners wanted help in sorting it all out and were frantic with worry. They visited our website and then plucked up courage to call KSA. We quickly identified that 5 of the companies needed to be closed and liquidated. One was in Scotland, the rest in England. We arranged the liquidations of the 5 insolvent companies. The other two were rescued by company voluntary arrangements.
Overall the cost of the 4 English liquidations was around 10,000, the Scottish case, which was a lot more complex, was 5,000 overall. Our liquidators took their fees from the cash, debtor book and asset sales. The remaining companies have had difficulties but are still trading. The directors who had had a tough few months are now focused on running their viable companies.
They have had their conduct reviewed by the liquidators and no further action was taken against them. This is normal result of liquidation investigation as wrongful trading actions against directors are very rare. For more on wrongful trading see the guide at the left.
Think liquidation will solve your problems? Then call 01289 309431 or 0800 9700 530 NOW, well take away the worry, stress and pain.