By the time a company takes action in the form of something like liquidation, to sort out its issue of insolvency (either way), usually all the major decision-making figures involved in that company were well aware that that was indeed where things were headed. If you’re one of those figures and you’re in that phase of the insolvency leading up to the liquidation “event,” here are some practical pointers to consider, to get the most value out of the process…
Make it a learning experience
It’s been said now by many people, but they definitely aren’t lying when they proclaim that we still live in the Information Era and that this will indeed prove to be the final frontier of human development. Knowledge is power and can have you benefitting financially and otherwise even out of a process such as the business you’re a part of going into liquidation as a result of becoming insolvent.
Make the whole process a learning experience, because this information can become very valuable to you and others in the very near future.
Make it a point to learn about specific practical details involved in the process, such as how much things cost, like a validation order, what you can still do with your bank account while it’s frozen (e.g. printing statements for bookkeeping and accounting records), etc. Learn about technicalities such as the different types of liquidation as this will subsequently have you in on the best type for the situation you find yourself in.
Document the process
We made mention of living in the Information Era, which some might argue is in fact the Social Networking Era. It’s really a conduit of the Information Era, but social media can indeed be used as part of the documentation process of the liquidation you’d be going through. Social media should, however, be more of a marketing channel for the content which you’d be publishing as part of the documentation process of the liquidation process.
Create a blog about it, maybe. Shoot some videos explaining all the little nuances, perhaps. Keep a log-book of all the minor details, to be ultimately connected to all the dots of the bigger picture…
Share your newly-acquired, practical knowledge
This is how you establish yourself as an authority, by sharing little bits and bytes of the practical knowledge you’ve accumulated. Something like linking to a review you wrote about a company formation service provider will do well to imply that you have more detailed and practical information available for anyone who really needs it.
Monetise your newly-acquired, practical knowledge
We’ve mentioned the likes of a blog, which can be easily monetised through advertising and affiliate links, but there is a wealth of options available to anyone seeking to monetise their practical knowledge around the winding down of companies as the ultimate part of liquidation. Merely suggesting to a legal professional that they should add a white-label company formation software service to their website could have you sharing with them the generated revenues, for instance, as just one of many, many options…