Company Liquidators in BishopsStortford – Expert Guidance

The cost varies based on the complexity of your company's affairs. Typically, fees range from a few thousand pounds for a simple creditors' voluntary liquidation to more for complex cases. A licensed insolvency practitioner will provide a fixed fee quote after an initial assessment.

A members' voluntary liquidation is available to companies that are solvent, meaning they can pay their debts in full within a specified period, usually 12 months. The directors must make a statutory declaration of solvency, and a licensed insolvency practitioner must be appointed as liquidator.

The duration depends on the type of liquidation and the complexity of the company's affairs. A creditors' voluntary liquidation may take six to twelve months to complete, while a members' voluntary liquidation can often be concluded more quickly, sometimes within a few months, if all assets are realised promptly.

Alternatives include administration, which aims to rescue the business as a going concern, or a company voluntary arrangement (CVA), which allows you to repay debts over a period while continuing to trade. Sometimes, negotiating directly with creditors or restructuring the business may also be viable options.

Yes, if your company is solvent and meets certain criteria, you may be able to apply for voluntary strike-off. This is a simpler and cheaper process, but it is only suitable for companies that have not traded recently, have no assets or liabilities, and are not subject to any legal proceedings.

Directors must cooperate fully with the liquidator, provide all necessary books and records, and attend meetings as required. They must not dispose of any company assets without the liquidator's consent. Failure to comply can lead to personal liability or disqualification.

In most cases, directors are not personally liable for company debts if they have acted within the law. However, if there has been wrongful trading, fraudulent activity, or a breach of fiduciary duty, a court may order a director to contribute to the company's assets from their personal funds.

Look for a licensed insolvency practitioner who is experienced in your sector and offers a transparent fee structure. You can verify their credentials through the Insolvency Service or a recognised professional body. It is also wise to have an initial consultation to ensure they understand your situation.

Employees are made redundant when a company enters liquidation. They may be entitled to claim statutory redundancy pay, notice pay, and unpaid wages from the National Insurance Fund. The liquidator will provide the necessary forms and advise employees on how to make claims.

If a company has been struck off the register, it may be restored to the register for the purpose of liquidation. This is often necessary if there are undisclosed assets or if creditors come forward. A licensed insolvency practitioner can guide you through the restoration process.