Forums » Discussions » What Are the Benefits of Company Liquidation?
1) Minimise debt repayments Among the biggest advantages of liquidation is the fact that your debts will be largely written off (except operationkhanyisa.co.za in certain circumstances).
You'll still need to cover the cost of your company's 'Statement of Affairs' and creditors' meeting.
However, all subsequent liquidation costs (including debt/outstanding creditor repayments) will be met through the sale of company assets. This generally makes liquidation a cost-effective option.
Any redundancy or restructuring costs will be administered by your insolvency practitioner.operationkhanyisa.co.za They will take responsibility for staff redundancies and related payments, as well as cancelling any leases or other long-term liabilities.
Unless you've given personal guarantees or have drawn director's loans, these debts needn't be settled by you or your shareholders.
2) Cancel your lease arrangements Not only will you minimise any debt repayments you have accrued to-date, you can prevent any further payments going forward.
Typically, any lease or hire purchase agreements will be terminated when you liquidate your company. This means you are no longer liable for any subsequent payments that may have comprised part of your original arrangement.
If you owe any arrears to leasing company creditors, they may be able to claim this amount back from your appointed insolvency partners.
3) End the legal action Entering liquidation enables you to bring an end to the prospect of legal action and focus your efforts elsewhere.
Unless you have some form of personal liability for company debt, your creditors will not be able to initiate court proceedings against you.
You can therefore show that your company was closed due to voluntary action, rather than forced to close due to disgruntled creditors petitioning you through the courts.
4) Enable staff to claim redundancy pay Lastly, your staff will be able to claim redundancy pay, uncollected wages and outstanding holiday pay.
Your insolvency partners will take the lead in terms of making staff redundant. These staff members can then claim redundancy pay, which will be settled using proceeds from the sale of company assets
Even if this is not sufficient to cover all redundancy pay, employees can then claim from the National Insurance Fund.
As a director you can claim redundancy as well through the government if, and it is a big if, you paid yourself via PAYE at a reasonable rate, you do not owe the company money, and there is some sort of employment contract. It is quick and easy to apply for redundancy in this way and there is no need to employ an outside consultant.
With all these critical aspects legally resolved, you can focus your attention on your next venture. In the end, the ability to make a fresh start is the most fundamental of all of the advantages of liquidation.
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