Find Bankrupt Stock and Assets!
At gauk Liquidation UK you have access to the largest database of its kind in Britain of companies in liquidation right now… All the latest details PLUS contacts for the administrators and auction houses used for bankrupt stock disposal.
COMPANY WINDING UP AND BANKRUPTCY COURT STATISTICS AT ALL TIME HIGH
The Ministry of Justice publishes statistics for company winding up, and creditors’ and debtors’ bankruptcy petitions issued in the High Court and County Courts of England and Wales. in an average year some 2,800 company winding up petitions issued, 5,000 creditors’ petitions, 13,000 debtors’ petitions
Where do these goods go?
Most are sold at auction on the instructions of liquidators, customs and excise, bailiffs AND OTHERS
gauk Liquidation UK gathers all this information together in one huge database
Their loss is your gain
In these days of spiralling costs make huge profits now by buying LOW selling HIGH
This week we have news on auctions selling the latest Sony Bravia & Panasonic 20, 32, 37 & 42″ LCD HD TVs, Blue Ray DVD Players, PS3, Home Cinema, Rolex Watches, Diamond Jewellery, Bikes, Cars, Vans, Sports Equipment, Horses all to be sold at Auction.
Subscribers to the Liquidations UK database can specify a search of our UK receiverships and administrators database. We keep information on our database for two years from the appointment date. If you want to see a list of businesses currently in our database please click here
Information supplied on each business in administration or administrative receivership includes:
- Name of company
- Type of company
- Date of appointment of the administrative receiver/administrator
- Full contact details of the administrative receiver/administrator including name, address, telephone and fax numbers.
- Nature of the business
Please note our database does not include businesses that are in the following situations:
- In liquidation
- Subject to a winding up order
- Company Voluntary Arrangement (CVA)
- Businesses that have just ceased trading and dissolved the limited company
This is because, by this stage, very little of the business is salvagable with most of the assets being distributed amongst preferential creditors such as the tax authorities, Banks, and employees and as such is unlikely to carry on trading.
We include up-to-date news on businesses in difficulties
We have included details of those administrative receiverships where the appointment date is after 1 Jan 1998. Administrative receiverships are not possible under any security instrument created after 15th September 2003, due to the Government’s drive to encourage the use of administrations in place of administrative receiverships. Therefore, you are likely to see increasing numbers of businesses in administration.
Administrative Receivers are appointed by a debenture holder usually over all the company’s assets. The Administrative Receiver’s prime responsibility is to protect the interests of the debenture holder. The Administrators can be appointed by a creditor or the companies’ directors. The Administrator’s objective is to rescue the company as a going concern or achieving a better result for the creditors as a whole than would be likely if the company were wound up without first being in administration, or if this is not practical realising assets to make a distribution to secured or preferential creditors. This is often achieved by selling the company, or by realising the company’s assets. In many instances the company is still trading.
Help for Companies in Liquidation
Liquidation and Insolvency FAQs
How do I find out about placing my company in liquidation (or any other insolvency proceeding)?
Companies House guidance booklet ‘Liquidation & Insolvency’ covers liquidation, receivership, administration and corporate voluntary arrangement, as well as giving general information on insolvency.
We recommend taking professional advice, eg. from a solicitor or insolvency practitioner, before going ahead with any of these proceedings.
[Please note that matters relating to striking a company from the Register are dealt with separately in guidance booklet ‘Strike-off, Dissolution and Restoration’.]
Where do I get the relevant forms for filing with the Registrar?
Notification of the appointment or cessation of a receiver, Forms 405(1) and 405(2) respectively, and notice of the appointment of a liquidator in a voluntary liquidation, Form 600, are available free of charge from Companies House. Some Insolvency forms are available on the Insolvency Service Website. All other insolvency forms can be purchased from a law stationer.
Do the people in charge of these proceedings hold any kind of qualification?
Since the implementation of the Insolvency Act on 29 December 1986, anyone undertaking the duties of liquidator, administrative receiver, administrator or supervisor of a corporate voluntary arrangement must be a qualified insolvency practitioner. Those holding the position of receiver manager or Law of Property Act receiver do not need this qualification, nor does anyone who was already in office before the Act was implemented.
How do I complain about the conduct of one of these qualified practitioners?
Complaints should be addressed in writing, accompanied by any supporting evidence, to:
Insolvency Practitioner Policy Section
PO Box 20321
They will pass it to the appropriate authorising body for action. Alternatively, you can contact the relevant authorising body direct.
I understand that a company is dissolved three months after a liquidation is concluded. I need the company to remain on the live Register for a time. If I write to you, will you defer the date at which the dissolution will take place?
The Registrar cannot defer the dissolution which follows a liquidation administratively. If the liquidation was a voluntary one, an application can be made to the court to defer dissolution. If it was a compulsory liquidation, an application would need to be made to the Secretary of State, at the following address:
The Insolvency Service
45-46 Stephenson House
[Note: The deferment instruction in either case must be filed with the Registrar after the registration of the concluding documentation in the liquidation and before the date of dissolution. Once dissolution takes place, the only course of action then available is to apply to the court to have the dissolution declared void.]
What is the difference between a voluntary and a compulsory liquidation?
A voluntary liquidation, which can be either a members’ voluntary liquidation or a creditors’ voluntary liquidation, is brought about by resolution of the company and is conducted by a qualified practitioner. A compulsory liquidation is brought about by an order of the Court and can be conducted by the Official Receiver or a qualified practitioner.
A company owes me money. They have told me they have ceased trading but are not going into liquidation. Can I have them wound up?
It is possible for a creditor to petition the court to have a company placed into compulsory liquidation. Refer to the guidance notes and seek professional advice.
Whatever the proceeding, the company is insolvent and will eventually go off the Register, won’t it?
In a members’ voluntary liquidation, the directors swear a statement, known as a declaration of solvency, to say the company will be able to pay all its debts within a period not exceeding twelve months. The company would not be ‘insolvent’. Only liquidations result in the company being automatically dissolved. It is possible, following the conclusion of a receivership, administration or corporate voluntary arrangement, for a company to remain on the live register and continue trading.
WHO ARE OFFICERS OF A COMPANY IN LIQUIDATION?
Officers of a Company in Liquidation would include past and present directors, company secretaries, shareholders and any other officers who have been involved in the management of the Company.
DUTIES OF OFFICERS OF THE COMPANY
When a Company has been wound up, all officers of the company, including directors, must fulfil certain duties, throughout the liquidation of the Company. Some of these responsibilities are highlighted below.
A. DUTY TO ASSIST & CO-OPERATE WITH THE LIQUIDATOR & OFFICIAL RECEIVER
As an officer of the Company in liquidation, you have a duty to assist the Liquidator and the Official Receiver in the investigations and liquidation of the Company, to the best of your ability, at all times.
It is an offence if a director or any person, being a past or present officer or a shareholder of a company in liquidation:
(a) does not truly disclose to the liquidator all the assets of the company;
(b) does not deliver to the liquidator all assets and books, accounting records, etc;
(c) has concealed any part of the assets of the company; and
(d) makes any material omission in any statement relating to the affairs of the company.
The Court may impose a fine not exceeding £10,000.00 or imprisonment for a term not exceeding 2 years for failure to comply with these requirements.
B. SUBMIT STATEMENT OF AFFAIRS
As a director of the Company in liquidation (as well as any other Company officer required by the Liquidator), you are required to complete and submit the Statement of Affairs of the Company to the Liquidator, within 14 days after the Winding Up Order against the Company has been made. The prescribed forms (Forms 61A and 62A) are available at the Official Receiver’s office. Copies of these Forms can also be downloaded form our website.
Failure to submit the Statement of Affairs will render you liable to prosecution for an offence, under the Companies Act, which may result in a fine not exceeding $5,000 or imprisonment for a term not exceeding 12 months or both.
C. SUBMIT COMPANY’S BOOKS, RECORDS & DOCUMENTS
To enable the Liquidator to ascertain the extent of the Company’s assets and liabilities, a comprehensive selection of Company’s books, records and documents must be submitted to the Liquidator.
You are required to submit an inventory list of the Company’s books, records and documents and surrender all such books and records to the Liquidator including the following:
1. Audited Financial Statements of the company preceding the Winding Up Order;
2. Cash and Cheques in hand;
3. Company Seal;
4. Cash Books, General Ledgers and General Journals;
5. Purchases and Sales Day-Books;
6. Purchases and Sales Invoices and Delivery Orders;
7. Debtors and Creditors Ledgers and Debtors and Creditors Statement of Accounts;
8. Employees’ and Payroll Records;
9. Trial Balance, Profit and Loss Statement and Balance Sheet;
10. Minute Books;
11. Corporate Registers and Registers of Members and Charges;
12. Bank Accounts and Safe Deposit Accounts maintained by the Company;
13. Bank Statements, Cheque butts issued prior to the Winding Up Order;
14. Bank Reconciliation Statements;
15. Title deeds, Leases, Tenancy Agreement, Mortgage Documents, etc., relating to properties owned by the Company;
16. Original VAT Certificates and Tax Returns;
17. Factoring Agreements, Hire Purchase Agreements, Deeds of Assignment and Debenture Instruments;
18. Receipts for all Deposits and Banker’s Guarantees;
19. Insurance Policies;
20. Share Certificates and Central Depository Statements;
21. Cause Papers and Documents relating to outstanding suit matters;
22. Inventory list of the asset(s) of the Company (including description, quantity and location of the asset(s); and
23. All other documents that may assist the Liquidator and the Official Receiver in the administration of the Company’s affairs.
D. DO NOT REPRESENT TO BE AN AGENT OF THE COMPANY
You must not use the name-cards and letterheads of the Company, after the Winding Up Order is made. You should surrender to the Liquidator, or destroy, all name-cards and letterheads of the Company. You must not represent, in any form or manner, that the Company is still a live Company.
E. DO NOT TRANSACT ON BEHALF OF THE COMPANY
Once a Winding Up Order is made against the Company, you must not transact or enter into any contract, on behalf of the Company.
F. DO NOT DEAL WITH THE ASSETS OF THE COMPANY
You must not sell or dispose off the assets belonging to the Company, after the Winding Up Petition has been filed in Court. When a Winding Up Order is made against the Company, the Liquidator will seize all its assets, for the benefit of its creditors.
G. DO NOT COLLECT ANY PAYMENT ON BEHALF OF THE COMPANY
All payments due to a wound up Company must be made to the Liquidator. If you receive a settlement of any debt owed to the Company, you must forward the monies to the Liquidator immediately. If you are aware of any settlements due to the Company, you must immediately notify the Liquidator of the claim and co-operate in the recovery of the debt owed to the Company.
H. DO NOT PAY CREDITORS OF THE COMPANY
All creditors of the Company in liquidation must file their claims with the Liquidator. As an officer of the Company, you must not utilise any of the Company’s assets to settle any of the company’s debts, as it may give rise to the issue of undue preference.