Expert Company Liquidatorsin Beverley

A licensed insolvency practitioner takes control of the company, realises its assets, settles creditor claims, and distributes any remaining funds. They also investigate the conduct of directors and report to creditors and shareholders, ensuring the liquidation process is handled correctly and legally.

Costs vary depending on the size and complexity of the company. Typically, fees range from £4,000 to £8,000 plus VAT, but this can be higher for complex cases. Always ask for a clear fee quote upfront and check whether the company's assets will cover the costs.

A simple creditors' voluntary liquidation often completes within 6 to 12 months, though more complex cases can take longer. The liquidator must file final accounts and notify Companies House, which adds to the timeline. Your liquidator will give you a realistic estimate based on your circumstances.

Yes, it is possible to liquidate an insolvent company with no assets, but the liquidator's fees must be covered, often by a director's contribution or a third-party funder. Alternatively, you may consider a strike-off if the company has no assets and is not trading.

A creditors' voluntary liquidation (CVL) is initiated by the directors when the company is insolvent. Compulsory liquidation is a court order, usually petitioned by a creditor. A CVL gives directors more control and is generally less adversarial than a compulsory process.

In most cases, no, because the company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, or if you have acted wrongfully or fraudulently. A liquidator will investigate and may seek recovery from you if such conduct is found.

Alternatives include a company voluntary arrangement (CVA), administration, or simply negotiating directly with creditors. If the company is viable, a CVA can allow it to continue trading while repaying debts over time. Your insolvency practitioner can explain which option suits your situation.

Once liquidation begins, the liquidator takes control, and you must cease trading immediately. Continuing to trade after insolvency is known as wrongful trading and can lead to personal liability. Always seek professional advice before making any decisions about trading status.

You will need to provide the company's books and records, including accounts, bank statements, tax returns, and details of debts and assets. The liquidator will also ask about any transactions in the previous two years, such as payments to directors or transfers of assets.

Look for a practitioner who is licensed by a recognised regulatory body and has experience with companies similar to yours. You can search the Insolvency Service's register or ask for recommendations. Always check their credentials and fee structure before instructing them.