Why business owners must understand the liquidation process – AccountantsDaily

Liquidation involves finalising the financial affairs of an organisation, selling off the businesss assets to repay any debts, and dismantling the companys structure. Often confused with bankruptcy, liquidation is the only way to wind down operations and shut down an organisation in an orderly way. Liquidation commonly occurs if a company cant meet debt obligations…

Insolvency Service Winds Up Fraudulent Art Investment Companies – Arts and Collections International

New York, yes, Paris, maybe, but you wouldnt think the tiny Welsh town of Blaenau Ffestiniog likely to be the centre of a million-pound art investment fraud. In fact the Insolvency Service, a government agency connected to the Department for Business, Energy & Industrial Strategy, has wound up two fraudulent art investment schemes, one in…

Checklist of steps to close a business and declare insolvency – Accountancy Age

It is a common misconception that closure means failure, but directors increasingly choose to dissolve in good condition, either because the industry has changed or they simply fancy something new. The first thing to understand about company closure is the distinction between solvency and insolvency. If the company is solvent, there is much more flexibility…