LIQUIDATION & INSOLVENCY / PROFESSIONAL BRIEFING
Understand the route. Organise the next steps.
A solvent closure and an insolvency process call for different decisions, information and professional roles.
Published 20 October 2026 · Research & practice
Distinguish the purpose of the process
The GOV.UK liquidation guide distinguishes closure of a company that can pay its debts from liquidation involving a company that cannot. It also directs readers to separate processes for Scotland and Northern Ireland. The applicable jurisdiction and the company’s actual financial position therefore matter at the outset.
Prepare for an informed professional assessment
A clear preparation file can include recent accounts, creditor and debtor information, asset records, employee matters, contracts and any immediate deadlines. Keeping the underlying records organised helps the responsible advisers assess the position and identify missing information.
Give stakeholders a practical communication plan
Owners, creditors, employees and advisers may need different information at different times. Coordination can help keep responsibilities and communications consistent. Formal appointments and regulated insolvency work must be carried out by appropriately authorised professionals; business coordination is a separate role.
General business information. The examples are illustrative and do not report client work. The applicable process and professional requirements depend on the facts and jurisdiction.
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