Professional Company LiquidatorsServing Branson Businesses

The cost varies depending on the complexity of the company's affairs, including the number of creditors, asset values, and whether there are any legal issues. Typically, fees range from a few thousand pounds to more for larger cases. Always obtain a fixed-fee quote from a licensed insolvency practitioner before proceeding.

Any limited company that is insolvent, meaning it cannot pay its debts as they fall due, may be eligible for creditors' voluntary liquidation. Alternatively, if the company is solvent but you wish to close it, a members' voluntary liquidation is appropriate. A licensed professional will assess your financial position to determine the correct procedure.

The process begins with a meeting of shareholders to pass a resolution for liquidation, followed by a meeting of creditors to confirm the appointment of the liquidator. The liquidator then takes control of the company's assets, realises them, and distributes the proceeds to creditors in the statutory order. Your chosen professional will guide you through each step.

The duration depends on the complexity of the case. A straightforward creditors' voluntary liquidation may be completed within six to twelve months, but cases with complex asset realisation or legal disputes can take longer. The liquidator will provide a timeline after reviewing the company's circumstances.

Once liquidation begins, directors lose their powers to manage the company. However, the liquidator may allow trading to continue for a short period if it is beneficial for realising assets or completing contracts. This is at the liquidator's discretion and must be in the best interests of creditors.

Alternatives include a company voluntary arrangement (CVA) to restructure debts, administration to give breathing space while restructuring, or informal arrangements with creditors. Each option has different implications for directors and creditors. A licensed insolvency practitioner can explain which route might be most suitable based on your company's financial health.

Generally, directors are not personally liable for company debts if they have acted properly and within the law. However, personal liability may arise if there has been wrongful trading, fraudulent trading, or misuse of the company's assets. A licensed professional will review your conduct to identify any potential issues.

Employees are made redundant upon liquidation, and they become preferential creditors for unpaid wages, holiday pay, and other entitlements. The liquidator will handle redundancy claims and ensure that employees receive what they are owed, up to statutory limits. The Redundancy Payments Service may cover some payments if the company cannot.

Yes, you can start a new company after liquidation, but there are restrictions. If you were a director of a company that went into insolvent liquidation, you may be subject to a disqualification order or undertaking, which can restrict your ability to act as a director. You should seek legal advice before forming a new business.

Look for a practitioner who is licensed by a recognised professional body, such as the Insolvency Practitioners Association or the Institute of Chartered Accountants. Check their experience with similar cases, read client testimonials, and ensure they provide a clear fee structure. You can also ask for recommendations from your accountant or legal advisor.