Professional Company LiquidatorsServing Barnsley Businesses

The cost varies depending on the complexity of your company's affairs, the number of creditors, and the assets involved. A licensed insolvency practitioner will provide a fixed fee quotation after an initial review. This ensures you know the full cost upfront before any work begins.

If your company is insolvent, meaning it cannot pay its debts as they fall due, then creditors' voluntary liquidation may be appropriate. If the company is solvent, a members' voluntary liquidation might be suitable. An insolvency practitioner will assess your financial position to confirm eligibility.

The process begins with an initial consultation, followed by a review of your company's financial records. If liquidation is agreed, a meeting of shareholders is held to pass a resolution, and a licensed insolvency practitioner is formally appointed as liquidator. The liquidator then takes control of realising assets and distributing funds.

The duration depends on the complexity of the case. A straightforward creditors' voluntary liquidation may be completed within six to twelve months, whilst more complex cases with substantial assets or legal issues can take longer. Your liquidator will provide a timeline based on your specific circumstances.

Alternatives include company administration, which aims to rescue the business as a going concern, or a company voluntary arrangement (CVA) to repay debts over time. For solvent companies, striking off or a members' voluntary liquidation may be options. Each has different implications, so professional advice is essential.

Generally, no. Limited liability protects directors from personal liability for company debts, provided there has been no wrongful trading, fraudulent activity, or personal guarantees. If you have given personal guarantees, creditors may pursue you for those amounts. The liquidator will investigate directors' conduct.

The liquidator takes control of all company assets, including property, equipment, stock, and intellectual property. These are sold to raise funds for distribution to creditors. Secured creditors are paid first, followed by preferential creditors, unsecured creditors, and finally shareholders if any funds remain.

Once a liquidation order is made, directors cease to have control. However, before that, you may continue trading if it is in the best interests of creditors. Your insolvency practitioner will advise on whether continued trading is appropriate to preserve value or fulfil existing contracts.

Directors must cooperate fully with the liquidator, provide all company records and information, and disclose any assets or transactions. They must not dispose of assets or prejudice creditors' interests. Failure to comply can lead to personal liability, disqualification, or even criminal proceedings.

Look for a practitioner who is licensed by a recognised professional body, such as the Insolvency Practitioners Association or the ICAEW. Check their experience with similar cases, read client testimonials, and ensure they offer a transparent fee structure. Speak with them directly to assess their approach and responsiveness.