Expert Company Liquidators inAscot for Your Business

A company liquidator is a licensed insolvency practitioner who manages the closure of a company. They realise assets, settle debts with creditors, and ensure legal requirements are met. They also investigate the conduct of directors and report to authorities if necessary.

The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Typically, fees range from a few thousand pounds, but a licensed practitioner will provide a fixed fee quote after an initial assessment.

Most limited companies can be liquidated if they are insolvent, meaning they cannot pay debts when due. However, you must have a formal resolution and appoint a licensed insolvency practitioner. If the company is solvent, a members' voluntary liquidation may be more appropriate.

Creditors' voluntary liquidation typically takes between six and twelve months to complete, depending on the complexity of the case. The process involves a meeting of creditors, the appointment of a liquidator, and the realisation of assets before final distribution.

Once a company enters liquidation, trading must cease unless the liquidator decides it is beneficial to continue for a short period to sell assets or complete contracts. Continuing to trade without permission can lead to personal liability for debts incurred.

Alternatives include administration, which aims to rescue the company as a going concern, or a company voluntary arrangement (CVA), which allows you to repay debts over time. A licensed practitioner can help you decide which option is best for your situation.

Yes, once a liquidator is appointed, they take control of the company. Directors' powers are suspended, and they must cooperate with the liquidator. This is a key difference from a CVA, where directors retain control while repaying debts.

Employees are made redundant when a company enters liquidation, unless the liquidator retains them temporarily. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund, but this is a separate process.

Yes, it is possible to liquidate a company with no assets. This is often done through a creditors' voluntary liquidation, where the liquidator's fees may be paid from director contributions or by the company's creditors. However, you must still follow the legal process.

Directors may face disqualification if they are found guilty of wrongful trading or other misconduct. However, if you act honestly and cooperate fully with the liquidator, you can normally move on to start a new business, subject to certain restrictions.