How liquidation business works?
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Actually, there are two ways a company can go into liquidation – voluntarily, in a voluntary liquidation, or involuntarily, in a compulsory liquidation. During the liquidation process the assets of the insolvent business are sold and the proceeds are used to repay as many creditors as possible.
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Few business owners know exactly how liquidation works in South Africa. It is a complex process, requiring a court application.
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The liquidation process starts when a company is declared insolvent or get into insolvency as there are two methods of insolvency one is known as voluntarily and other is by law or compulsory as in this process the company is liquefied and the assets of company is sold and then they try to pay that amount to as many creditors.
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If due to any reason a company fails to pay the credits in time, then it can go into liquidation, there are two types of liquidation, one is voluntarily other is involuntarily. In first the company voluntarily sells the assets and repays the credit, while in 2nd type the assets are hold by bank and they sell them to get as much credit returned from the company.
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