Frequently Asked Questions

Question 1

Is Liquidation Ready an Insolvency Practitioner?

Accepted Answer

No. Liquidation Ready is a commercial advisory service provided by Geminera Ltd. We do not act as liquidator, administrator or Insolvency Practitioner. Where formal insolvency advice is required, directors should obtain advice from an appropriately authorised Insolvency Practitioner.

Question 2

Do you actually liquidate the company?

Accepted Answer

No. If liquidation is appropriate, an authorised Insolvency Practitioner will undertake the formal process. We help prepare the directors and company for that process.

Question 3

Should I speak to you before speaking to an IP?

Accepted Answer

You can do either. In some cases, particularly where insolvency may already exist or urgent decisions need to be made, we may recommend that an Insolvency Practitioner is involved immediately. Our service is not intended to delay necessary professional insolvency advice.

Question 4

Can you recommend an Insolvency Practitioner?

Accepted Answer

Where appropriate, we can assist in identifying suitable professional advisers. The appointment decision remains with the company/directors and relevant stakeholders in accordance with the applicable insolvency procedure.

Question 5

Will everything I tell you be confidential?

Accepted Answer

We treat client information as confidential and normally enter into an appropriate confidentiality agreement. There are legal and professional limits to confidentiality, and our engagement terms explain these. We will never agree to conceal assets, falsify records or assist in misleading creditors, an Insolvency Practitioner or any authority.

Question 6

Can you help us reduce our liabilities before liquidation?

Accepted Answer

We can help identify liabilities, understand their nature, check supporting documentation and explore legitimate commercial options with appropriate professional advisers. We do not assist with transactions designed to improperly deprive creditors of assets or place assets beyond their reach.

Question 7

Can you help with Personal Guarantees?

Accepted Answer

Yes, as part of the commercial review. We identify the guarantees, underlying borrowing and potential exposure. Where enforceability, negotiation or challenge requires legal advice, an appropriate solicitor should be instructed.

Question 8

Can you help if HMRC is the main creditor?

Accepted Answer

Yes. HMRC liabilities frequently form an important part of the financial review. Where negotiations, formal arrangements or specialist tax or insolvency advice are required, we will identify this.

Question 9

What documents will I need?

Accepted Answer

Initially, very little. The first conversation is designed to understand the broad position. Following that meeting, we will provide a structured information request relevant to the company's circumstances.

Question 10

What if the company can actually be saved?

Accepted Answer

Liquidation Ready does not begin with the assumption that liquidation is inevitable. If the review identifies a credible alternative that should be explored, that can be referred to appropriate restructuring, finance or insolvency professionals. The purpose is to understand the position before irreversible decisions are made.

Question 11

How quickly can we start?

Accepted Answer

Where a company is under immediate creditor, cashflow or legal pressure, the review can be prioritised. Urgent insolvency or legal issues may require immediate referral to an Insolvency Practitioner or solicitor.

Frequently Asked Questions

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