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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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How long can a company remain in Liquidation?

Customer Question

How long can a company remain in Liquidation?
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : Does the company have assets please?
JACUSTOMER-ycdpsxnn- :

There were some but would have been realised. leaving large deficiency Is there a time limit?

JACUSTOMER-ycdpsxnn- :

Or are there circumstances that can delay forever?

Alex Watts :

It would never be forever. But sales and liquidation of assets can take time

Alex Watts :

The Administrator must get the best price possible.

Alex Watts :

So it could take many many months

Alex Watts :

There is no legal time limit

Alex Watts :

But if there are complex assets then it can take time

Alex Watts :

But the Administrator also has a duty to mitigate any unnecessary costs, so if they are doing it just to rack up costs, that is not acceptable.

Alex Watts :

But it may just be that there is a genuine reason

Alex Watts :

Can I clarify anything for you about this today please?

JACUSTOMER-ycdpsxnn- : Thank you. I will check.
Alex Watts :

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Alex Watts :

Can I clarify anything for you about this today please?