Whether a company has been compulsorily liquidated or has chosen voluntary liquidation, employees are legally entitled to claim wages arrears, holiday pay or redundancy pay from the redundancy payments office (RPO) if the liquidation sale does not cover everything.Terms on lease and hire purchase agreements are generally terminated at the date of liquidating the company, meaning that no further payments need to be made.One of the immediate advantages to voluntary liquidation is that, once the company has been dissolved and the sale of its assets distributed to creditors, any remaining unsecured business liabilities that are not personally guaranteed will be written off.Outside of personally guaranteed debts, this will free directors from the pressure of repayment and allow them to move on to new ventures if they wish.
There may also be other options available to your company such as a company voluntary arrangement (CVA), or pre-pack administration, depending on the circumstances.
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If any arrears are owed, the company leasing the goods may be able to claim from the insolvency practitioners along with other creditors.
It is common for HMRC to be in the list of creditors for tax debts including VAT, Corporation Tax and PAYE and directors can often feel intimidated in situations.