Professional Company Liquidators inBrackley for Business Closure

A company liquidator is a licensed insolvency practitioner who takes control of the company's affairs, sells its assets, pays creditors in the statutory order, and formally dissolves the company. They also investigate the conduct of directors and ensure that the liquidation process complies with all legal requirements.

The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Typically, fees range from £4,000 to £8,000 plus VAT, but a licensed professional will provide a fixed quote after an initial assessment of your company's circumstances.

Voluntary liquidation is initiated by the company's shareholders or directors, usually through a creditors' voluntary liquidation (CVL) when the company is insolvent. Compulsory liquidation is forced by a court order, often following a creditor's petition. The process and control differ significantly, so professional advice is essential.

The entire liquidation process typically takes between 6 and 12 months, depending on the complexity of the case. The liquidator must realise assets, agree claims with creditors, and distribute funds. Once that is complete, the company is formally dissolved, which can take a few additional months.

Yes, you can liquidate a company with no assets, but it is often more cost-effective to use a statutory strike-off if the company has no debts and is solvent. If the company is insolvent and has no assets, a CVL may still be necessary to protect directors from claims of wrongful trading.

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

Yes, alternatives include a company voluntary arrangement (CVA), administration, or informal restructuring with creditors. For solvent companies, striking off or a members' voluntary liquidation (MVL) may be appropriate. A licensed insolvency practitioner can help you decide which option is best for your situation.

You cannot act as the liquidator of your own company, as independence is required. You must appoint a licensed insolvency practitioner to act as the liquidator. They will take control of the process, ensure compliance, and act in the interests of all creditors.

If you continue trading while insolvent, you risk personal liability for wrongful trading, which can lead to disqualification as a director and personal financial loss. Ignoring debts can also lead to a creditor petitioning for compulsory liquidation, which reduces your control over the process.

Choose a licensed insolvency practitioner who is registered with a recognised professional body, such as the Insolvency Practitioners Association. Look for experience with small businesses, transparent fee structures, and a clear communication style. You can also ask for recommendations from your accountant or legal adviser.