The only way to ensure that you are not liable for transactions at an undervalue by selling or passing on assets at undervalue reduces is to appoint a RICS qualified surveyor or valuer. Creditor interests should always come first and in order to avoid accusations to the contrary, directors should follow a formal procedure for selling or transferring assets. You must start the process with a board meeting where all directors agree the action and the minutes of the meeting are recorded. The valuer will usually offer two valuations, they are, that of a going concern and forced sale values are provided. Once the assets have changed hands, the funds should be banked without delay with full records retained for several years following the statutory time requirement.