Lessons Learned: Key Takeaways from Companies That Went Through Simple Liquidation

The process of running an organisation and being in charge of a company is going to vary from person to person depending on the industry that they work in. The lessons that people pick up along the way are unlikely going to be universal; however, that doesn’t make any of them less prevalent. That being said, when an organisation falls on hard times, even though the means by which they get out of these hard times might change, there are certain lessons which need to be adopted regardless of the business or its industry.

Insolvency is a term which is used when an organisation is no longer able to pay off its debts when they fall due. When a company becomes insolvent, it may have to file for liquidation. At Simple Liquidation, we help businesses who are in this position, sitting down with them, and finding out what they do and what their issues are, which allows us to provide advice on how they can effectively move forward.

In conducting our work, we have learnt a number of valuable lessons that you should keep in mind when looking for insolvency practitioners to work with and when actually going through the liquidation process. These include some of the following:

If you are looking to work with insolvency practitioners then you need to make sure that they have the right qualifications in place. The top insolvency practitioners need to have good mathematical competency because a large portion of their role involves preparing accounting statements. 

A lot of different insolvency professionals specialise in accountancy before they move over to liquidation, with around 50% gaining an accountancy qualification in their practice. They don’t have to have this qualification but by working with practitioners that do have it means you can rest easy knowing they possess the right knowledge to advise your business moving forward.

Read Key Takeaways from Companies That Went Through Simple Liquidation