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Well not necessarily. Your family home may be at risk and steps must be taken to clarify the position during the a 3 year period following bankruptcy. The position will vary dependent upon a number of issues including for example;  whether you rent your home or own it, whether you own your home jointly with someone else, and whether or not the property is subject to a mortgage. There is no one universal answer; you need to be aware of your rights and those of any joint owner, so we would

Liquidation of a company

money

Remember that formal insolvency processes are complicated, and the explanations below are only the tip of the insolvency iceberg!

A company enters liquidation when the reason for its existence has come to an end. In most cases this happens when the company is unable to pay its debts as they fall due.

There are 2 main types of insolvent liquidation ; a compulsory liquidation (where the procedure is controlled by the Courts) or a creditors voluntary liquidation (where the procedure is controlled first by the company’s shareholders/directors but ultimately by the creditors).

You may also hear the term “winding up” instead of liquidation or – bluntly, hear the company referred to as being “bust”.

To find out more about how we can help please call either Carol, Jackie or Jeanette on 01768 864466.