G&K - What happens to employees with liquidation?

What happens when a company goes into liquidation, what happens to employees who are owed wages, holiday pay, redundancy pay in lue of notice? Richard Owen explains.

Welcome from the Griffin & King team, regulated Insolvency Practitioners. We are a leading Insolvency Practitioner within the West Midlands Licensed by The Institute of Chartered Accountants in England & Wales. With over 30 years’ experience we have helped businesses and individuals find solutions to their financial problems.

www.griffinandking.co.uk/

A Creditors' Voluntary Liquidation (CVL) is the procedure to wind up your company (or deal with the closure of it) if the company is insolvent - or in other words the value of the assets of the company are not enough to be able to clear all of the debts.

A Liquidation procedure is to be used (rather than an Administration or Company Voluntary Arrangement) if there is no part of the business that can be sold or is worth trying to salvage. Of course, we will carefully review this with you to make sure the right process is chosen to deal with your company.

Creditors' Voluntary Liquidation Process
If you believe your company may be insolvent -
• Contact our Liquidation experts here at Griffin & King Insolvency Practitioners.
• Your company position will be fully discussed with a qualified member of the Griffin & King team. We will listen carefully to your concerns, worries and future plans and suggest a plan that takes these into account.
• Based on these discussions you will decide to either place the company into Liquidation or consider other options.
• Formally instruct Griffin & King to wind up your company by signing a number of forms.
• The winding up procedure will commence immediately.
• We will deal with your creditors and employees.
• You will be allocated a case manager to your case who will be pleased to answer any questions that you have, however futile you believe these maybe.
• Your progress will be monitored carefully, at all times by an Insolvency Practitioner.

Call us now on 0843 778 9823 for a free consultation. Take a positive step towards changing your life. We're here to help you.

Why not subscribe to our You Tube Channel.
   / @janetpeacock4557  

Let’s connect!
Facebook - www.facebook.com/GriffinandKing/
Twitter - twitter.com/griffinandking
LinkedIn - uk.linkedin.com/company/griffin-&-king

To find out more about Creditors Voluntary Liquidation (CVL) visit our website -
www.griffinandking.co.uk/creditors-voluntary-liqui…

#insolvency #insolvencypractitioners