The liquidation engagement paperwork itself will tell you to seek your own legal advice when it comes to potential personal liabilities falling out of company liquidation. I am not in any way being critical of insolvency practitioners as they are merely doing the job that they are assigned to do.
Perhaps you’re considering selling off your C corporation’s assets and liquidating the firm.
Typically, such a transaction is accomplished in three stages:1.
The corporation makes a direct sale of its assets to the buyer (or buyers).2.
This was seen in 2007 with the Cheeky Girls as one creditor fought to have their family home, owned by their mother, sold to recoup the £130,000 debts.
You will be required to hand across all company documents to the liquidator, so keep copies of relevant documents/communications that you may need later in case they go astray.