Company Liquidators in Bostonfor Professional Guidance

The cost varies depending on the complexity of your company's affairs, the number of creditors, and the assets involved. A licensed insolvency practitioner will provide a fee quote after an initial assessment. Fees are typically paid from company assets, but you should discuss the breakdown and any potential shortfall before proceeding.

Any limited company that is insolvent or wishes to close voluntarily can be placed into liquidation. For a creditors' voluntary liquidation, the company must be unable to pay its debts as they fall due. For a members' voluntary liquidation, the company must be solvent, and directors must make a statutory declaration of solvency.

The process begins with an assessment by a licensed insolvency practitioner. If liquidation is appropriate, the director or shareholders pass a resolution, and a meeting of creditors may be held. The liquidator then takes control of assets, settles claims, and distributes any remaining funds. Finally, the company is dissolved and removed from the register.

The duration depends on the complexity of the case. A simple members' voluntary liquidation may complete in a few months, while a creditors' voluntary liquidation with many assets or disputes can take a year or longer. The liquidator will provide an estimated timeline after reviewing your company's records and circumstances.

Yes, alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to allow a company to trade while restructuring, or a formal strike-off if the company is dormant and has no assets or liabilities. Each option has different implications, so professional advice is essential.

The liquidator acts as an agent of the company and must act in the best interests of creditors. Their duties include realising assets, investigating the company's affairs, reporting on the conduct of directors, and distributing funds in the statutory order. They must also ensure compliance with insolvency legislation and maintain proper records.

Yes, you can liquidate an insolvent company through a creditors' voluntary liquidation. The liquidator will manage the debts and negotiate with creditors. However, you must disclose all liabilities honestly, and the liquidator will investigate the company's financial history to ensure no wrongful trading or fraudulent activity occurred.

Employees are made redundant when a company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide them with the necessary forms and guidance on making claims. Employee claims are preferential in the distribution of assets.

In most cases, no. Creditors' voluntary liquidation is initiated by shareholder resolution and a meeting of creditors, not by court order. However, if a creditor petitions for a compulsory liquidation, a court hearing will be required. Your insolvency practitioner will advise you on the specific process applicable to your situation.

Directors can be personally liable if they have acted wrongfully, traded while insolvent, or misused company funds. The liquidator has a duty to investigate and may apply for a court order to recover money or assets. To minimise risk, seek professional advice early and maintain accurate financial records.