What is Liquidation?
When a business is unable to pay it’s debts, the owner of the company can apply to liquidate the business. Liquidation encompasses the process of a Liquidator taking charge of the estate and selling the assets by way of public auction.
If auctioning off the client’s assets does not generate enough revenue to pay off debt, Credit Providers will turn to personal sureties to pay the difference. If the directors or members cannot settle the outstanding debts, then they have the option to include these debts under debt review, or apply for Sequestration in their personal capacity.
Please contact our offices on the numbers provided on our website to discuss your specific needs.
Each case is different and unique.