The key to avoiding insolvency is to seek professional help as soon as the first signs of difficulty appear. The experienced professionals at Ashton Wheelans are able to assist in identifying problem areas, and suggest solutions to improve the position of the company. Timely and expert advice may be able to save your business from liquidation or receivership.
If your business is struggling under financial and operational difficulties, proactive and insightful action is vital for avoidance or minimisation of the ramifications. Contact us today for an appointment and expert advice to aid your situation.
In the event that liquidation or receivership is necessary, Ashton Wheelans also has the experience and skills required to assist.
Receivership
Receivership entails an independent person being appointed to realise assets within the company to repay a secured creditor (eg a financier). In the case that so many of the company’s assets have to be sold that it is unable to continue daily business a liquidation is necessary. A liquidator then disposes of all the remaining assets of the company and repays creditors in order of legal priority. Upon completion of the liquidation the company ceases to exist.
A liquidator can be appointed to deal with a company’s assets by either a special shareholders resolution (often described as a voluntary liquidation) or by an order of the court (as the result of an application by a creditor).
The role of the liquidator is to realise (liquidate) the company’s assets and distribute the proceeds to creditors in order of legal priority.
Our liquidation team is headed up by our Insolvency Partner, Andrew Oorschot with over 15 years insolvency experience in Liquidations, Receiverships and more recently Voluntary Administrations.
If you have an enquiry regarding utilising our services, please contact us to discuss your circumstances in the first instance.
We offer a free 1/2 hour consultation to discuss you current position. If you would like to take advantage of this please contact our liquidation team
During the process of the liquidation we will carry out the following:-
- Realise the company’s assets
- Collect the company’s debtor balances
- Calculate employee and IRD preferential claims and pay any funds available
- Verify secured and unsecured creditors claims and pay any funds recovered in order of legal priority
- Investigate any potential voidable transactions
- Investigate insolvent and reckless trading issues
- Finalise all statutory matters
The timeframe involved depends upon the size of the company. Can take anywhere between 6 months to several years for finalisation depending on complexity and whether legal proceedings are required to recover money owing to the company.
Voluntary Administration
A company can be placed into voluntary administration by the directors. The administrator’s role is to assess the financial position of the company and recommend to creditors any options available to achieve a better return for creditors than would occur if the company was put into liquidation. A meeting of creditors is then held (called the watershed meeting) to enable the creditors to vote on the options available.
Current Liquidations
Below are details some of the current liquidations and administrations in progress. Click on the name of the company for further information. If you have an enquiry regarding a company not listed, please contact Tamara Reynolds of our office.
- CBD Construction Limited
- Fright Aubrey Limited
- Ezi Roof 2009 Limited
- Oakridge Group
- J T Marine Farms Limited
- Select the Wesley Hotel Limited
Voluntary Administrations
- AMC Construction Ltd
