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As some older strata corporations reach the end of their life cycle, the cost of repair may not make economic sense or owners may not have the financial ability to pay for the necessary repairs.Sometimes the land can be sold for redevelopment; for example, a low-rise building could be redeveloped into a building with many more units.Liquidator Dean Watson, partner at Begbies Traynor Insolvency Practitioners, said the firm employed 25 people and also contracted about 40 self-employed sales people.
“Sometimes they come and try to pretend that they are working but usually there is no result, no consequences for the people who did this. The three types of liquidation are: A creditors' voluntary liquidation is a liquidation initiated by the company. Creditors' meetings during liquidation Voting at a creditors’ meeting How will I get paid in a liquidation? It involves realising the company’s assets, cessation or sale of its operations, distributing the proceeds of realisation among its creditors and distributing any surplus among its shareholders.Liquidator Jamie Playford, of Leading Corporate Recovery, said the company had accumulated creditors of about £43,000.James Brabben, a lead analyst at Norwich-based Cornwall Energy, said people who had built businesses on the previous rates were struggling.