Expert Company Liquidators inBodmin for Your Business

The cost varies based on the size and complexity of your company. Typically, fees range from £4,000 to £8,000 plus VAT, but a licensed insolvency practitioner will provide a fixed fee quote after an initial assessment. Always confirm what is included in the fee.

Any limited company that is insolvent, meaning it cannot pay its debts as they fall due, is eligible for creditors' voluntary liquidation. Directors can also apply for compulsory liquidation if a court order is obtained, but this is less common.

The process typically takes between six and twelve months to conclude. This includes the creditors' meeting, asset realisation, and final distribution to creditors. The exact timeline depends on the complexity of the company's affairs and the cooperation of all parties.

Alternatives include company administration, a company voluntary arrangement (CVA), or negotiating informal payment plans with creditors. These options may allow the business to continue trading or achieve a better return for creditors. A licensed practitioner can advise on the best route.

No. Once liquidation begins, directors lose control of the company. The appointed liquidator takes over the management of the company's affairs, and trading must cease unless the liquidator decides to continue for a short period to sell assets or complete contracts.

Employees are automatically dismissed when a company enters liquidation. They may be able to claim redundancy pay and other arrears from the National Insurance Fund, but the liquidator will guide them through the process. The liquidator also ensures that employee claims are prioritised.

Generally, no. Limited liability protects directors from personal liability for company debts, provided they have acted lawfully. However, if you have given personal guarantees or been involved in wrongful trading or fraudulent activity, you could be held personally responsible.

You should contact a licensed insolvency practitioner for an initial consultation. They will assess your financial position, explain the process, and if you decide to proceed, they will convene a creditors' meeting and file the necessary paperwork with Companies House.

The liquidator is an insolvency practitioner who takes control of the company's assets, sells them, and distributes the proceeds to creditors in the correct order of priority. They also investigate the directors' conduct and report to creditors and regulatory bodies as required.

Yes, you can liquidate a company with no assets. This is often done through a creditors' voluntary liquidation, but if there are no funds to pay for the process, directors may need to consider other options such as striking off the company. A licensed practitioner can advise on the most appropriate route.