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If the goods have been checked and graded, you’ll pay more.

One good rule of thumb is to buy as far up the liquidation chain as possible – the more times your merchandise has changed hands, the more likely that it is poor quality or won’t sell.

Insolvency proceedings must be overseen by a qualified liquidator, receiver or administrator.

Anybody taking up these roles since 1986 must be authorised insolvency practitioners.

Depending on whether your business is operated as a sole trader or a limited company, it could result in it being put into liquidation or you being declared bankrupt.