Expert Company Liquidators inBradley Stoke for Your Business

The cost varies depending on the complexity of your company's affairs, but typically ranges from a few thousand pounds. Liquidators are paid from the company's assets, and fees must be approved by creditors. You should obtain a clear fee quote before proceeding.

Any limited company that is insolvent, meaning it cannot pay its debts as they fall due, is eligible. This includes companies with assets less than liabilities or those facing a winding-up petition. Directors must pass a resolution and shareholders must agree.

A creditors' voluntary liquidation typically takes between six and twelve months to complete, depending on the complexity of the case. The liquidator must realise assets, investigate affairs, and distribute funds to creditors before final closure.

You can continue trading if it is in the best interests of creditors and does not worsen the position. However, you must avoid wrongful trading, so it is advisable to seek professional advice immediately if you suspect insolvency.

Alternatives include a company voluntary arrangement (CVA), administration, or informal arrangements with creditors. A CVA allows you to repay debts over time while continuing to trade. An insolvency practitioner can help you decide which option suits your circumstances.

Yes, once a liquidator is appointed, they take control of the company's assets and affairs. Your powers as director cease, but you must cooperate with the liquidator by providing information and records. You may be asked to assist in the investigation.

Directors must cooperate with the liquidator, provide all relevant books and records, and attend meetings if required. They must not dispose of assets or make payments that favour certain creditors. Failure to comply can lead to personal liability or disqualification.

You should first consult a licensed insolvency practitioner to assess your financial position. If liquidation is appropriate, the practitioner will convene a meeting of shareholders to pass a resolution, and then a meeting of creditors to confirm the appointment.

Employees may be made redundant once liquidation begins. The liquidator will handle claims for redundancy pay, notice pay, and unpaid wages through the National Insurance Fund. You should provide employee details to the liquidator promptly.

Generally, limited liability protects you from personal liability for company debts. However, if you have given personal guarantees, acted fraudulently, or traded wrongfully, you may be pursued. The liquidator can seek contributions from directors who breach their duties.