Company Liquidators in Brightonfor Professional Advice

The cost of a Creditors' Voluntary Liquidation (CVL) varies based on the complexity of the company's affairs. Fees are typically paid from the company's assets. If there are no assets, a director might need to fund the process personally. It is best to get a fixed fee quote from a licensed insolvency practitioner.

Any director of an insolvent company can appoint a liquidator. The company must be unable to pay its debts as they fall due. A licensed insolvency practitioner must be appointed. The process involves a meeting of shareholders and a statement of affairs being prepared.

The initial appointment can happen quickly, often within a few weeks of the decision. However, the entire liquidation process, including the sale of assets and final distribution to creditors, can take between six months and two years to complete, depending on the complexity of the case.

A Creditors' Voluntary Liquidation (CVL) is initiated by the directors and shareholders of the company. A compulsory liquidation is a court order obtained by a creditor. A CVL gives directors more control over the process and the choice of liquidator.

Yes, there are alternatives such as a Company Voluntary Arrangement (CVA) to repay debts over time, or administration, which might allow the business to be rescued as a going concern. A licensed insolvency practitioner can assess your situation and advise on the most suitable option.

When a company goes into liquidation, employees are made redundant. They may be able to claim certain payments, such as redundancy pay, notice pay, and unpaid wages, from the government's Insolvency Service. The liquidator will provide the necessary documentation to help them with their claims.

Generally, no. A limited company is a separate legal entity. However, you can be personally liable if you have given personal guarantees for business loans or if you have acted wrongfully, such as trading while insolvent with no reasonable prospect of recovery.

Yes, you can start a new company, but there are restrictions. If you have been a director of a company that has gone into insolvent liquidation, you might be subject to a disqualification order or undertaking. This can restrict your ability to act as a director for a set period.

The liquidator's role is to take control of the company's assets, realise their value, and distribute the proceeds to creditors in a fair and legal order of priority. They also investigate the conduct of directors and report to the relevant authorities if they find any wrongdoing.

You should prepare a detailed list of the company's assets and liabilities, including details of any secured creditors. You should also have information on any employees, their contracts, and any recent transactions. This will help the liquidator provide you with accurate and timely advice.