Company Liquidators in Bidefordfor Bideford

Costs vary based on company size, asset complexity, and creditor numbers. Typically, fees range from £1,500 to £5,000 plus VAT, but a licensed insolvency practitioner will provide a fixed quote after an initial review. Always ask for a breakdown before proceeding.

Creditors' voluntary liquidation is for insolvent companies where directors believe the company cannot pay its debts. A formal board meeting and shareholder resolution are required, followed by a creditors' meeting within 14 days. The appointed liquidator then handles asset realisation and distributions.

A straightforward creditors' voluntary liquidation typically completes in 6 to 12 months, depending on asset sales and creditor claims. Complex cases with legal disputes or uncooperative directors may take longer. Your liquidator will provide a timeline after assessing the company's affairs.

Yes, it is possible to liquidate a company with no assets. In such cases, the process may be streamlined, but creditors must still be notified. Directors may need to complete a declaration of solvency if the company is solvent, or follow the creditors' route if insolvent.

Members' voluntary liquidation is for solvent companies where directors swear a declaration of solvency. Creditors' voluntary liquidation applies to insolvent companies, requiring a creditors' meeting. The former allows members to appoint a liquidator, whilst the latter gives creditors control over the choice.

Alternatives include administration, company voluntary arrangements (CVAs), or informal restructuring. Administration provides a moratorium from creditors, whilst a CVA allows the company to pay debts over time. Directors should seek professional advice to determine which option best protects stakeholder interests.

Employees are made redundant when a company enters liquidation, unless a buyer is found for the business. The liquidator handles redundancy claims, which may be paid from the National Insurance Fund, subject to statutory caps. Employees should receive written notice and information about their rights.

If a company has been struck off the register, it can be restored and then liquidated if necessary. Restoration is a court process, often required to deal with undisclosed assets or legal claims. A licensed insolvency practitioner can guide you through restoration and subsequent liquidation.

A liquidator must realise assets, investigate the company's affairs, and distribute proceeds to creditors in the correct statutory order. They also report any director misconduct to the Insolvency Service. Their role is to act in the best interests of creditors, not the directors.

Generally, no, as limited liability protects personal assets. However, personal guarantees, fraudulent trading, or wrongful trading can lead to personal liability. If you have given guarantees, creditors may pursue you directly. Professional advice is essential to understand your exposure.