Professional Company Liquidators inBanbury for Your Business

A company liquidator is a licensed insolvency practitioner who takes control of the company, realises its assets, settles creditor claims, and formally closes the company. They also investigate director conduct and ensure the liquidation process is carried out legally and transparently, providing a clear end to the company's affairs.

The cost varies depending on the complexity of the company's affairs and the level of assets involved. Typically, fees are based on time spent or a fixed fee agreed upfront. In many cases, the liquidator's fees are paid from the company's assets, but you should discuss all costs and payment terms before appointment.

Any limited company that is insolvent or wishes to close voluntarily can be placed into liquidation. For a compulsory liquidation, creditors or the company itself can apply to the court. A members' voluntary liquidation is for solvent companies. A licensed insolvency practitioner will assess your specific circumstances to confirm eligibility.

The process begins with a meeting of directors and shareholders to pass a resolution for liquidation. A licensed insolvency practitioner is then appointed as liquidator. They will notify creditors, take control of assets, settle claims, and finally dissolve the company. The entire process typically takes several months, depending on the case.

A straightforward creditors' voluntary liquidation may take around six to twelve months, while a more complex case could take longer. A members' voluntary liquidation is often quicker if the company is solvent. The timeline depends on asset realisation, creditor claims, and any legal issues that arise during the process.

Yes, alternatives include a company voluntary arrangement (CVA) to repay creditors over time, administration to restructure the business, or informal arrangements with creditors. For solvent companies, striking off is a cheaper option. A licensed insolvency practitioner can help you decide which route is best for your situation.

Employees are made redundant once the company enters liquidation. The liquidator will provide them with the necessary forms to claim statutory redundancy pay, unpaid wages, and holiday pay from the government's insolvency service. Employees may also be entitled to notice pay, subject to statutory limits.

In liquidation, the liquidator has a duty to realise all company assets for the benefit of creditors. Personal assets are generally protected unless they were used as security for company debts or if there is evidence of misconduct. Directors should seek legal advice if they have concerns about personal liability.

Directors must cooperate fully with the liquidator, provide all relevant books and records, and disclose any transactions that may be void or preferential. They must also avoid taking any action that could worsen the company's position. Failure to comply can lead to personal liability or disqualification.

You should select a licensed insolvency practitioner who is authorised by a recognised professional body, such as the Insolvency Practitioners Association. Look for experience with companies similar to yours, transparent fee structures, and good communication. You can connect with specialists listed on AccountingFirms to get guidance.