Professional Company LiquidatorsServing Birstall Businesses

Costs vary depending on the complexity of your company's affairs, the number of creditors, and whether assets need to be sold. Typically, fees range from a few thousand pounds for a simple solvent liquidation to more for an insolvent one. Always ask for a fixed-fee quote before engaging a practitioner.

Solvent liquidation, often called a members' voluntary liquidation, is used when a company can pay its debts in full within 12 months. Insolvent liquidation, such as creditors' voluntary liquidation, applies when liabilities exceed assets. The procedures, paperwork, and legal obligations differ significantly between the two.

Yes, you can, but you must still follow the correct legal process. If there are no assets to distribute, creditors may not receive a dividend, but the liquidation provides a formal closure. A licensed practitioner can guide you through a 'no-asset' liquidation, which is often quicker and less expensive.

A straightforward creditors' voluntary liquidation typically completes within 6 to 12 months. However, complex cases with many creditors, disputed debts, or the need to sell substantial assets can take longer. Your liquidator should provide a realistic timeline after the initial assessment.

You must cooperate fully with the liquidator, provide all company records and accounts, and disclose any transactions that occurred in the period before liquidation. You also need to attend meetings if required and answer questions about the company's affairs. Failure to cooperate can lead to personal liability.

You can continue trading, but you must not incur further credit if you know the company is insolvent. Doing so could lead to a claim for wrongful trading against you personally. It is wise to seek professional advice as soon as you suspect insolvency to protect your position.

Yes, there are alternatives such as a company voluntary arrangement (CVA), administration, or informal negotiation with creditors. A CVA allows you to pay off debts over time while continuing to trade. Administration gives a breathing space from creditors while a restructuring plan is attempted. Your specific circumstances will determine the best option.

Employees are made redundant when a liquidator is appointed. They may be entitled to statutory redundancy pay, unpaid wages, holiday pay, and pension contributions. These claims are preferential and are usually paid from the National Insurance Fund if company assets are insufficient. The liquidator will provide the necessary forms.

If a company has been struck off the register, it is no longer legally active, but you may still need to apply for restoration if there are outstanding debts or assets. A liquidator can advise on whether restoration and subsequent liquidation is necessary to properly close matters.

Generally, no, if you have not given personal guarantees and have not acted wrongfully. However, if you have taken loans personally or guaranteed business debts, creditors can pursue you. Also, if you traded while insolvent and knew it, you could face a claim for wrongful trading.