Company Liquidators inAmpthill Bedfordshire

A company liquidator is a licensed insolvency practitioner who manages the closure of a company. They collect and sell assets, agree creditor claims, investigate director conduct, and distribute any remaining funds. Once the process is complete, the company is dissolved and removed from the register.

The cost of liquidation varies depending on the size and complexity of the company. Typically, fees range from £1,500 to £5,000 for a simple creditors' voluntary liquidation. The liquidator's fee is usually paid from company assets, but if assets are insufficient, directors may need to fund the process personally.

Solvent liquidation, known as a members' voluntary liquidation, is used when a company can pay its debts in full. Insolvent liquidation, or creditors' voluntary liquidation, is used when debts cannot be paid. The process differs in terms of creditor involvement, statutory declarations, and the liquidator's duties.

Yes, you can liquidate a company with no assets, but the process may be more complex. If there are no assets to cover the liquidator's fees, directors may need to provide a bond or pay an advance. Alternatively, a strike-off may be a cheaper option if the company has no debts and is not trading.

A straightforward creditors' voluntary liquidation typically takes between six and twelve months to complete. This includes the time for the liquidator to realise assets, investigate affairs, and submit final accounts. Complex cases with multiple creditors or legal issues can take longer.

Alternatives to liquidation include a company voluntary arrangement (CVA), administration, or a formal restructuring. A CVA allows a company to pay debts over time, while administration provides a moratorium from creditors. Sometimes a simple strike-off is possible if the company is solvent and not trading.

Yes, you must inform employees about the liquidation as part of your legal duties. The liquidator will provide guidance on redundancy claims and how to notify employees. Failure to inform employees properly can lead to claims for protective awards or other penalties.

A liquidator can be held personally liable if they act negligently or breach their duties. However, they are protected by the court and have statutory powers. Directors are not liable for the company's debts unless they have acted wrongfully, such as trading while insolvent without reasonable prospect of recovery.

Company assets are sold by the liquidator to raise funds for creditors. This includes physical assets like equipment and stock, as well as intangible assets such as intellectual property. The liquidator must obtain the best possible price and distribute the proceeds according to the statutory order of priority.

Yes, you can start a new business after liquidation, but there are restrictions. If you were a director of a company that went into insolvent liquidation, you may be subject to a disqualification order. You must also avoid using a similar company name that could be considered 'phoenix trading' without permission.