Liquidation is the process of winding up a company’s financial affairs.
Typically, a company is placed into liquidation because the company cannot pay all of its debts (i.e. it is insolvent). Liquidation is a formal process to dismantle a company’s affairs. It can provide relief to those running the company by placing company control into the hands of a third party - a liquidator. The liquidator then deals with the company’s operations and its debts.
Liquidation is the only way to fully wind up the affairs of a company and end the existence of the company. An independent party undertakes the process and protects the interests of creditors, directors, and members while the company structure is dismantled.
Liquidation allows a fresh start for the directors and can give immense relief from the stress and burden being carried.
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