Professional Company Liquidatorsin Bexleyheath

A company liquidator is a licensed insolvency practitioner who manages the closure of a limited company. They sell assets, settle debts with creditors in the correct legal order, investigate the company's affairs, and finally dissolve the company. Their role is to ensure the process is fair and follows all statutory requirements.

The cost depends on the complexity of the case, the number of creditors, and the value of assets. For a straightforward creditors' voluntary liquidation, fees are often based on a fixed fee or a percentage of realisations. Always request a detailed quote in writing before you agree to anything.

A members' voluntary liquidation is only available if your company is solvent, meaning it can pay all debts in full within twelve months. You must make a statutory declaration of solvency. If the company cannot pay its debts, a creditors' voluntary liquidation is the correct procedure instead.

A simple creditors' voluntary liquidation usually takes between six and twelve months to complete. However, the exact timeline depends on how quickly assets are sold, whether there are any legal disputes, and how complex the creditor claims are. Your liquidator will provide a realistic estimate at the start.

Employees are made redundant immediately when a company enters compulsory liquidation. In a creditors' voluntary liquidation, the liquidator will confirm the position. Employees may be entitled to claim redundancy pay, notice pay, and holiday pay from the National Insurance Fund, but they must follow the correct claims process.

Once a liquidator is appointed, directors lose control of the company. The liquidator takes over all powers to manage the company's affairs. Trading can only continue if the liquidator decides it is necessary to achieve a better outcome for creditors, such as completing a contract or selling stock.

Liquidation is the final closure of a company, where assets are sold and the company is dissolved. Administration is a rescue procedure aimed at saving the business as a going concern, often through a sale. Administration provides a moratorium from creditor action, whereas liquidation does not offer the same protection.

Yes, there are several alternatives including a company voluntary arrangement (CVA), which allows you to repay debts over a set period. You might also consider a formal restructuring plan or negotiating directly with creditors. A licensed insolvency practitioner can assess your cash flow and recommend the most suitable option.

Once the liquidation is complete and the company is dissolved, directors are usually released from their duties. However, if there has been misconduct or wrongful trading, the liquidator can take action against directors personally. This could include disqualification proceedings or a claim for compensation.

Yes, you can appoint a liquidator even if you are the sole director and shareholder. You will need to call a board meeting and then a shareholders' meeting to pass the necessary resolutions. For a creditors' voluntary liquidation, you must also convene a meeting of creditors.