What is liquidating your assets cfinput not validating
Liquidation typically occurs when a limited company has reached a point where, for one reason or another, it has been decided that the business will not continue.
In this case, you might consider liquidating your company; which basically means turning your assets into cash.
The main reason a business would choose to liquidate their assets is due to insolvency.
But this action may be a breach of s238 of the Insolvency Act 1986 – Transactions at Undervalue.
It sometimes happens that directors overlook or even fail to disclose all the company’s property to a liquidator.
An intrinsic part of the liquidator’s role would be to investigate all company affairs should they need to recover any of the company’s assets that have been misplaced or sold at less than market value from the company as the liquidator is at liberty to reverse these transactions.
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Consequently, the Insolvency Act 1986 gives a liquidator wide powers to assist his/her investigations into a company’s affairs in order to maximise creditor’s interests.