Expert Company LiquidatorsServing Billingham Businesses

The cost varies based on the complexity of your company's affairs, but a simple Creditors' Voluntary Liquidation (CVL) may start from around £4,000 plus VAT and disbursements. Fees are often paid from company assets, but if there are none, directors may need to fund the process personally.

Directors can appoint a liquidator by passing a shareholder resolution and then convening a meeting of creditors to approve the appointment. Creditors can also petition the court to wind up a company, but the most common route is a directors' voluntary liquidation.

The process typically takes between 6 and 12 months from the date of appointment to the final distribution of assets and dissolution of the company. The exact timeline depends on how quickly assets can be realised and any legal or tax issues resolved.

Alternatives include a Company Voluntary Arrangement (CVA) to repay debts over time, administration to protect the business while restructuring, or a formal dissolution if the company is solvent. A licensed insolvency practitioner can assess which option is most suitable.

No. Once a liquidator is appointed, they take control of the company's affairs. You lose the power to trade or make decisions about company assets. The liquidator's role is to realise assets, settle debts, and close the company down.

Employees are made redundant when a liquidator is appointed. They may be able to claim statutory redundancy pay, notice pay, and unpaid wages from the National Insurance Fund. The liquidator will provide them with the necessary forms and guidance.

Generally, no. Limited liability protects directors from personal liability for company debts. However, if you have given personal guarantees or acted wrongfully (e.g., trading while insolvent), you may be pursued for those debts.

Yes, but you will need to fund the liquidation yourself, as the liquidator's fees cannot be paid from company assets if there are none. This is often called a 'no-asset liquidation' and may cost around £4,000 to £6,000 depending on the case.

A company is insolvent if it cannot pay its debts as they fall due, or if its liabilities exceed its assets. Signs include creditor demands, bounced payments, or a negative net worth. A licensed insolvency practitioner can confirm your position and advise on next steps.

You will need to provide the company's financial records, including accounts, bank statements, tax returns, and details of assets and liabilities. You will also need to complete a statement of affairs and cooperate with the liquidator's investigation into the company's affairs.