If the company goes into liquidation or the person enters a personal insolvency procedure, e.g.
bankruptcy, the guarantor will have to repay the creditor.
Secured creditors can deal with the company’s secured assets.
The creditors may decide to appoint a receiver if one hasn’t been appointed.
Trading companies are usually closed down, although sometimes they may continue to trade for a short time so the business can be sold.
When the liquidation is complete, the company is removed from the Companies Office Register.
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The thesaurus of synonyms and related words is fully integrated into the dictionary.
Directors are also required to help the liquidator locate the business records and assets, and to answer any questions about the company and its business.
It is an offence for a director to destroy, hide or remove property, records or other documents. The liquidator will also check whether the directors or shareholders owe any money to the company, and whether any offences have been committed.
A liquidator is appointed when a company is placed into liquidation.
The liquidator takes control of all the company’s unsecured assets, which are sold to repay the creditors.