What does SIP 2 ‘A liquidator’s investigation into the affairs of an insolvent company’ say?
This sets out the minimum amount of investigation work all liquidators should do, irrespective of the available funds to pay for it. See INS42270 for further details. Also click here to see the full SIP. The following are the most relevant paragraphs. The liquidator must satisfy creditors that a minimum standard of investigation into the company’s affairs has been carried out (paragraph 3). The minimum standard of investigation must include the following: Interview the directors to ascertain the location of its property (paragraph 9) Review the company’s statutory books and compare them with the records held by Companies House (paragraph 10) Consider the validity of security over the company’s assets (paragraph 11) Review the changes in the financial position of the company since its last audited or filed accounts including review of its bank statements (paragraph 13) Consider whether to prepare trading and profit and loss accounts for the period to cessation (paragraph 14) Compare the
