Expert Company LiquidatorsServing Barnet Herts

A licensed insolvency practitioner acts as liquidator, realising the company's assets, settling creditor claims, and investigating the conduct of directors. They ensure the process is carried out lawfully and that all parties receive their due entitlements under insolvency legislation.

Costs vary depending on the complexity of the case, the size of the company, and the number of creditors. Typically, fees are drawn from the realisation of assets, but in some cases, a contribution may be required from the director. Always obtain a written quote before proceeding.

Yes, a company with no assets can still be placed into creditors' voluntary liquidation, provided that at least one creditor exists. The liquidator's fee may be paid by the director or from funds available within the company. This process is often used to close an insolvent company cleanly.

Voluntary liquidation is initiated by the directors or shareholders, typically via a creditors' voluntary liquidation. Compulsory liquidation is forced by a creditor through a court order, often after a winding-up petition. The latter is more costly and less controlled by the directors.

A simple creditors' voluntary liquidation can be completed in six to twelve months, but complex cases with asset realisation or legal disputes may take longer. The liquidator must file a final report to creditors and Companies House, which can extend the timeline.

Alternatives include a company voluntary arrangement (CVA), administration, or a formal restructuring. If the company is viable but has cash flow issues, a CVA allows it to repay debts over time. Administration provides a moratorium from creditors while a rescue plan is attempted.

No, once a company enters liquidation, the liquidator takes control, and directors lose their powers to trade. However, the liquidator may continue trading for a short period to sell stock or complete contracts, but only with the approval of creditors or the court.

Employees are automatically dismissed when a company enters liquidation, unless the liquidator retains them to assist with asset realisation. They may be able to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund, subject to statutory limits.

No, a creditors' voluntary liquidation does not require a court appearance. The process involves a meeting of shareholders and a separate meeting of creditors, which can be held virtually or by proxy. The liquidator is appointed at these meetings.

If a director continues to trade when they know the company cannot avoid insolvency, they may be personally liable for debts incurred during that period. A liquidator can apply to court for a declaration of wrongful trading, potentially leading to a contribution order against the director's assets.