Terms and Conditions of Business

Thank you for approaching Simple Liquidation to place your company into liquidation. These are our Terms and Conditions setting out the terms upon which we offer to act in connection with the provision of the Services, the fees payable to us and your obligations to enable us to deliver the Services. These terms also set out your duties as directors of the Company.

Scope of Services

We will provide the following services (“the Services”):
The Preparatory Services:

1. Advise you on the proper conduct, control and supervision of the Company and its assets until the shareholders pass a resolution to place the Company into liquidation (or until our engagement is terminated, whichever the sooner);
2. Obtain and review the financial information of the Company in order to assist you to prepare the Statement of Affairs (balance sheet) of the Company;
3. Provide you with the relevant documentation to issue the necessary notices to place the Company into liquidation;
4. Assist you to prepare the additional information required to be provided to creditors; and
5. Assist you with the formalities required to place the Company into liquidation.

The Services:

1. Act as liquidator of the Company.

Limitations in the Scope of Our Work

We confirm that we are being engaged by the Board of Director in respect of the position of the Company only. We are not engaged to give advice to any director or shareholder on their own personal circumstances and should this be required we may advise you to seek your own independent advice.

However, we are obliged to provide the directors with information in respect of Sections 216 and 217 of the Insolvency Act 1986. This will be issued under separate cover.

We will rely upon the integrity of the information provided to us by the Company and its advisors together with information contained in the Company’s records.

The scope of our work will not constitute an audit and we will rely upon the Company to disclose all matters of significance. Accordingly, we will be unable to and will not express an audit opinion on the financial position of the Company.

Our Team

Jamie Playford will be responsible for providing the services on behalf of the Firm and will involve other directors and staff as necessary.

Fees

A copy of our Time Charging and Disbursement Charging Policy (“Fee Policy”) is available at:
https://links.simpleliquidation.co.uk/SIP9

A link to a guide to liquidator’s fees is available at:
https://links.simpleliquidation.co.uk/R3FeeGuideliq

Pre-Appointment Fees

Our fees in relation to the Preparatory Services will be fixed at £2,995 plus disbursements, plus VAT.

These fees should be paid by the Company prior to the date of liquidation. If any part of the fees are not paid prior to the date of liquidation, they may be paid from the Company’s assets as an expense of the liquidation if this is agreed by creditors.

If any part of the fee is not paid prior to the date of liquidation, the directors and shareholders are required to provide us with personal guarantees in respect of these fees (including disbursements and VAT).

Post-Appointment Fees

Once appointed as Liquidator we confirm that we will be seeking a resolution from creditors for our fees for the Services to be based on one of the statutory methods available and for these fees to be paid from the realisations in the Liquidation.

The statutory methods on which fees may be based include a fixed fee, a time costs (hourly rates) basis, a percentage of realisations, or distributions, or a combination of these methods.

Anti-Money Laundering

In fulfilling our obligations under the Money Laundering Regulations, we may use electronic data sources to complete your required verification of identity, and where relevant to complete politically exposed persons and sanctions checks. By signing and returning this engagement letter, we will consider you to have provided the informed consent (ie, permission) of the relevant individuals prior to these checks being performed. Such informed consent will include the access, use and storage of any identity verification checks made against the individual(s) and/or any other obligation required by law for these purposes.

Data Protection

Information about the way that we will use, and store personal data on insolvency appointments can be found at https://links.simpleliquidation.co.uk/Privacy.

If you are unable to download this, please contact us and a hard copy will be provided to you free of charge.

Disclosing Prior Relationships

In accordance with our statutory checks for any potential conflicts of interest, we must consider any previous personal or professional relations which may prejudice our objectivity to act on your behalf.

By engaging us, you are confirming that you have not previously been a client of this firm, or are aware of any other relationship which may prejudice our objectivity. If you are aware of any personal or professional relationships, please disclose this at the earliest opportunity.

It is expressly agreed and understood that these terms apply to all Services provided by us pursuant to the Engagement Letter, whether such Services are performed, and remain in place and fully effective until varied or replaced by written agreement between us.

If you have any questions, please do not hesitate to contact us.