Company Liquidators in AbingdonAbingdon

A company liquidator is a licensed insolvency practitioner who takes control of the company, realises its assets, pays creditors according to legal priority, and formally dissolves the company. They also investigate the directors' conduct and report to the relevant authorities if necessary.

Costs vary depending on the complexity of the company's affairs, asset values, and the number of creditors. Typically, fees range from a few thousand pounds to more for larger cases. A licensed professional will provide a fixed fee quote before you commit.

Creditors' voluntary liquidation is available to insolvent companies where the directors believe the company cannot pay its debts as they fall due. The directors must pass a resolution to wind up the company, and creditors then vote to appoint a liquidator.

The length of time depends on the case. A simple creditors' voluntary liquidation might be completed in six to twelve months, while more complex cases with asset sales or legal disputes can take several years. The liquidator provides a timeline at the outset.

Yes, it is possible to liquidate a company with no assets. In such cases, the directors may need to fund the liquidation costs personally, or the company may be struck off the register if it is not trading and has no assets. A licensed professional can advise on the most cost-effective route.

Liquidation is the process of closing a company permanently, selling assets and distributing proceeds to creditors. Administration is a rescue procedure where an administrator is appointed to try to save the company as a going concern or achieve a better outcome for creditors than immediate liquidation.

Employees are made redundant when a company goes into liquidation. They become preferential creditors for certain claims, such as unpaid wages up to a statutory limit and holiday pay. The liquidator will guide employees on making claims to the Redundancy Payments Office.

No, once a company enters liquidation, the liquidator takes control and trading ceases. However, in some cases, the liquidator may continue trading for a short period to sell stock or complete contracts, but this is at the liquidator's discretion and for the benefit of creditors.

Alternatives include a company voluntary arrangement (CVA), which allows the company to pay debts over time, or administration, which aims to rescue the company. Sometimes, informal arrangements with creditors or refinancing can avoid liquidation. A licensed professional can assess which option suits your situation.

Directors may face disqualification if found guilty of wrongful trading, fraud, or other misconduct. They may also be personally liable for certain debts if they have given personal guarantees. However, most directors who act honestly and co-operate with the liquidator face no personal consequences beyond the loss of the company.