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What questions should I ask when appointing a liquidator for my company?

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Posted in: Liquidation 4 Aug 23

Choosing a liquidator for your company is not an easy decision. This person will be responsible for the financial and legal aspects of winding up your business, so you need to make sure you choose the right person for the job. In this blog, we’ll discuss the questions you need to ask when appointing a liquidator for your company.

What are your qualifications and experience?

One of the most critical questions you should ask is about the liquidator’s qualifications and experience. It’s important to choose someone with a proven track record of success and who is aware of the latest guidelines and regulations. Ask the liquidator about their experience in the industry, any relevant qualifications they hold, and their familiarity with all aspects of the liquidation process.

How much will it cost?

Liquidators charge for their services, and you need to know how much you can expect to pay. Different liquidators charge different fees, so make sure you understand the pricing structure. It’s also crucial to ask about any additional charges that might arise during the process, such as legal fees or charges for asset valuation.

How long will it take?

The duration of the liquidation process depends on various factors, such as the size of the company and the complexity of the liquidation. You don’t want to be left in the dark while the process unfolds, so ask the liquidator how long it will take. They should be able to give you an estimate of the timeline and inform you about the major steps involved in the liquidation process.

What support will you provide?

Appointing a liquidator is just the first step. It’s crucial to understand what support you can expect throughout the process. Ask the liquidator about the level of support they provide and whether they will be available to answer any questions or address any concerns that may arise.

Can you provide references?

Finally, ask the liquidator if they can provide any references from previous clients. Speaking to someone who has worked with the liquidator in the past can give you a good idea of what to expect from their services. Don’t be afraid to ask about the pros and cons of working with the liquidator and whether they would recommend them.

Conclusion

Choosing a liquidator for your company may be difficult, but asking the right questions can make the process smoother. Above are five questions that will help you choose the right liquidator for your business. Remember to always do your due diligence and select the liquidator who best meets your needs.

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Robin Tarling

Advice you can trust.