Professional Company LiquidatorsServing Bewdley Businesses

A company liquidator is a licensed insolvency practitioner who takes control of the company, realises its assets, settles debts in the correct order, and formally dissolves the company. They also investigate the directors' conduct and report to creditors and the relevant authorities.

Costs vary depending on the complexity of the case, the number of creditors, and the assets involved. Most liquidators offer a fixed fee for straightforward cases, but you should always request a detailed quote before proceeding. The cost is typically paid from the company's assets.

A director can appoint a liquidator by passing a board resolution and obtaining shareholder approval, provided the company is solvent or insolvent but not already subject to a winding-up petition. Creditors can also apply to court to have a liquidator appointed.

A simple creditors' voluntary liquidation may take around six to nine months to complete, but complex cases can extend to a year or more. The timeline depends on realising assets, resolving creditor claims, and concluding investigations.

Liquidation ends the company's existence, whereas administration is a rescue process that aims to keep the company trading or sell it as a going concern. Administration provides a moratorium against creditor action, giving time for a restructuring or sale.

No, once a liquidator is appointed, their control over the company ceases. The liquidator takes over management to wind down affairs. If you wish to continue trading, you should consider alternatives like administration or a company voluntary arrangement.

You must cooperate fully with the liquidator, provide all company records and financial information, and disclose any transactions that may be scrutinised. You must also not dispose of assets or prejudice creditors' interests before the liquidation starts.

Generally, directors are not personally liable for company debts, but exceptions exist if you have given personal guarantees, traded wrongfully, or misused company funds. The liquidator may pursue you personally if they find evidence of misconduct.

Yes, for a creditors' voluntary liquidation, you can appoint a liquidator by passing a shareholder resolution and convening a creditors' meeting. This avoids court involvement and is the most common route for insolvent companies.

Employees are automatically dismissed once a liquidator is appointed, but they may be entitled to claim redundancy pay and other arrears from the National Insurance Fund. The liquidator will provide them with the necessary claim forms and guidance.