Assets & Voluntary Liquidation

Discussion in 'Insolvency' started by Busy Lady, Feb 7, 2018.

  1. Busy Lady

    Busy Lady UKBF Newcomer Free Member

    1 0
    Im in the process of placing a limited company into voluntary liquidation. The firm handling this have advised that all assets are to be abandoned onsite as the cost to remove them is to great, however this means they are left for the landlord, which I dont want to do. In the directors report it refers to staff being a primary creditor and myself as another, can I remove these assets at my own cost and sell them, if I place the money back into the company? thanks in advance.
     
    Posted: Feb 7, 2018 By: Busy Lady Member since: Feb 7, 2018
    #1
  2. Spongebob

    Spongebob UKBF Ace Free Member

    2,108 1,071
    You could remove and sell anything of value prior to the liquidator being appointed, providing that it was sold at true market value. The funds realised should be passed to the liquidator upon appointment.

    Once the company is in liquidation however, there is nothing you can do. You are no longer a director and have no standing.
     
    Posted: Feb 8, 2018 By: Spongebob Member since: Dec 9, 2008
    #2
  3. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    2,245 275
    I would ask the proposed Lqr if s/he will consent to you keeping the assets, given they have advised it is in order they can be abandoned.

    Timing will be crucial as you may have to wait until they have been appointed Lqr, but as long as they agree I can't see an issue with you taking and preserving the assets in the meantime.
     
    Posted: Feb 8, 2018 By: Lisa Thomas Member since: Apr 20, 2015
    #3
  4. Spongebob

    Spongebob UKBF Ace Free Member

    2,108 1,071
    Possession is nine-tenths of the law.
     
    Posted: Feb 9, 2018 By: Spongebob Member since: Dec 9, 2008
    #4