The Companies Act largely regulates the proceedings for the liquidation of companies. However in certain cases of insolvent liquidations, other general rules and principles of civil and commercial law may also apply.
Corporate insolvency, in whichever way it is brought, brings to light a number of legal issues affecting the rights of all those concerned whilst also effecting the ranking of creditors, and the issue of compliance with various legal procedures intended to safeguard the interests of the parties involved. Thus at Parker Russell Turner we provide guidance and advice in relation to such proceedings and actions.
When we are appointed as liquidators, we see that the best interests of all stakeholders, be they the shareholders, creditors and any other party, are safeguarded. Where necessary, we also appoint experts to assist in the liquidation and realisation of the assets of the company and in the collection and settlement of liabilities.
We also accept appointments as liquidation accountants. In these instances, we liaise and work hand in hand with the liquidators. We assist liquidators in the preparation of liquidation accounts and scheme of distributions