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The video explains the liquidation process, emphasizing key steps and timelines. On day one, an inquiry is conducted to understand the situation, including details about creditors, business assets, and potential issues for the director. By day two to day 14, depending on the speed of information provided, a detailed written proposal will be prepared based on the initial conversation. If the director wishes to proceed, they will sign a letter of engagement. Following this, a creditors meeting will be scheduled, and notices will be sent to creditors to inform them of the impending meeting.
