Company Liquidators in Athertonfor Professional Advice

The cost varies depending on the complexity of the company's affairs, the number of creditors, and the asset structure. Most licensed professionals will provide a fixed fee quotation after an initial assessment. This fee is paid from the company's assets, and any shortfall is usually covered by the director's statutory declaration.

A compulsory liquidation begins with a winding-up petition presented to the court. The process from petition to the making of the winding-up order typically takes between six and twelve weeks. However, the subsequent realisation of assets and investigation of affairs can take considerably longer, often several months or even years.

Yes, it is possible to place an insolvent company into liquidation even if it has no assets. This is often called a 'no asset liquidation'. The licensed insolvency practitioner will need to be satisfied that there are no funds to cover their fees, and this may require a third-party contribution from the directors.

A members' voluntary liquidation is used for solvent companies where directors can swear a statutory declaration of solvency. A creditors' voluntary liquidation is used for insolvent companies. The key difference is the level of creditor involvement and the requirement for a meeting of creditors to approve the appointment of the liquidator.

When a company enters liquidation, employees are automatically dismissed from the date the winding-up order is made or the resolution is passed. They become preferential creditors for certain claims, such as unpaid wages and holiday pay. The liquidator will handle claims for redundancy payments through the National Insurance Fund.

Directors can be held personally liable for company debts if they have acted wrongfully, fraudulently, or have given personal guarantees. The liquidator may pursue claims for misfeasance or wrongful trading if it is found that the director continued to trade whilst knowing the company could not avoid insolvent liquidation.

You will need to provide the company's books and records, including bank statements, sales and purchase ledgers, debtors and creditors lists, and details of any assets. You must also complete a director's questionnaire and provide a statement of affairs, which details the company's financial position at the date of liquidation.

Yes, it is possible for directors or connected parties to purchase assets from the liquidator. However, this is treated as a transaction with a connected person and requires approval from the creditors or the court. The liquidator must ensure the assets are sold at market value to protect creditor interests.

An administrative receiver is appointed by a secured creditor holding a floating charge, usually a bank, to manage the company's affairs. A liquidator is appointed to wind up the company's affairs and distribute assets. Administrative receivership is largely historical, with administration being the modern alternative, but it still exists in certain circumstances.

No, once a liquidator is appointed, the directors' powers cease. The liquidator takes control of the company and its assets. The liquidator may continue to trade for a short period if it is beneficial for the realisation of assets, such as completing a contract, but this is done under the liquidator's authority, not the directors'.