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The Quick Answer
The following liabilities (also called unsecured creditors) are written off on liquidation: Trade suppliers, utilities, VAT, PAYE, Corporation tax, unsecured bank debt like Bounce Back Loans, business rates, employee claims including arrears of pay, redundancy and tribunal claims.
The answer in more detail
The debts not written off by liquidation include:
Although liquidation brings the company to an end the unsecured creditors can still claim on the company assets that are left. They can claim after secured and preferred creditors and expect to get a payment equally from what is left.
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Reviewed by
David Kirk
ACA FABRP
Practical advice for liquidation, administration and business rescue matters across England and Wales.
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