Liquidating assets company
The liquidating partner is responsible for valuing the company's assets, selling off assets to pay off the company's debts and distributing anything that remains to the partners.
Liquidation is part of the process of dissolving, or closing down, the partnership.
Liquidating a general partnership often entails determining what portion of the company's assets and obligations will be assigned to each partner.
Partnership assets, debts and claims can sometimes be titled in the individual name of a partner, making liquidation tricky.
A general partnership is an agreement between two or more people to work together to accomplish a business project.
If you fail to act and if eventually the company is wound up by the creditors (compulsory liquidation) then the Official Receiver (OR) will be appointed to liquidate the business and he or she will investigate the activity of the directors and the business over the last 2-3 years.
This is known as a conduct report on each director.
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This is known as the "lifting of the veil of incorporation" that protects directors under limited liability.