Liquidation is a dreaded term because it simply means ending a company for assets to be redistributed in an effort to pay off debts that are outstanding and creditors. It is also what is preferred to as dissolution, winding up or receivership. When it comes to liquidation, it can either be voluntary or forced.
Voluntary liquidation It occurs when you are unable to pay debts and creditors. Insolvency practitioners help with the process of dissolving the company assets and offer you protection from creditors who might stress you up during the process.
Compulsory liquidation It is forced liquidation that occurs when creditor demand payment and use the courts to force you to go into liquidation. You…
Read the full article at: https://www.thesequitur.com/company-going-for-liquidation-what-to-do-next-1954877/