At Roger and Carson, we know it is natural for businesses to face challenges, mainly during times of economic distress. Simplified liquidation, also known as simple liquidation, is an insolvency process that the Federal Government introduced to help businesses recover from financial distress, specifically those affected by the COVID-19 pandemic.
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Your business cannot pay its debts in full within a year after starting the liquidation process.
The business must have total liabilities of less than $1 million, excluding contingent liabilities.
All tax filings must be up to date.
The current directors and anyone who has been a director in the past 12 months must not have used the simplified liquidation or restructuring process in the last seven years.
The simplified liquidation process is quicker and less complex than traditional liquidation. It reduces undue administrative burden on business owners especially proprietors of small businesses.
Simplified liquidation is less expensive and thus accessible for small businesses with limited resources.
With less paperwork and simpler steps, the process makes it easier to resolve.
This process has been specifically created for small businesses to provide them with a tailored approach to insolvency.
Contact Roger and Carson today to schedule a consultation. Allow our team of specialists to walk you through the process and provide the assistance you require to overcome your financial obstacles.
CONTACT US TODAYSimplified Liquidation is a faster and less expensive process for small enterprises with limited assets and obligations. It has fewer steps and is less complicated than a Creditors Voluntary Liquidation, which requires more documentation and incurs larger fees.
The primary goals of Simplified Liquidation are to close the firm in an orderly manner, pay off creditors with the business's assets, and reduce costs and paperwork.
The liquidation price is determined by the business's total assets and obligations, the complexity of the procedure, and the liquidator's costs. Each case will be priced differently based on these parameters.
The Simplified Liquidation process is currently accessible. The federal government implemented it to assist small enterprises experiencing financial difficulties, particularly following the COVID-19 pandemic.