Professional Company Liquidatorsin Brixworth

A company liquidator is a licensed insolvency practitioner who manages the closure of a company, selling assets, settling debts, and distributing any remaining funds to creditors. They also investigate the directors' conduct and ensure that the process complies with insolvency law.

The cost of liquidation varies depending on the complexity of your company's affairs. Typically, fees are based on the size of the business and the work involved. A licensed practitioner will provide a clear fee structure before you proceed, ensuring there are no hidden costs.

A liquidator can be appointed by the company's directors through a shareholder resolution, or by creditors if the company is insolvent. In some cases, a court may appoint a liquidator. The process depends on the type of liquidation, such as creditors' voluntary liquidation or compulsory liquidation.

For a creditors' voluntary liquidation, directors first hold a board meeting to declare insolvency, then call a shareholder meeting to pass a resolution. A licensed insolvency practitioner is appointed as liquidator, who then convenes a creditors' meeting to present the statement of affairs.

The duration of a liquidation can vary from several months to over a year, depending on the complexity of the company's affairs, the realisation of assets, and the resolution of creditor claims. Your liquidator will provide a realistic timeline after assessing your situation.

Yes, it is possible to liquidate a company with no assets, but you may need to fund the liquidator's fees personally. In some cases, a director may apply for a strike-off if the company is not trading and has no assets, but this is different from liquidation.

Alternatives include a company voluntary arrangement, administration, or a formal restructuring. If the company is viable but struggling, a CVA can help you repay debts over time. Administration provides a moratorium from creditors while a plan is developed.

Generally, directors are not personally liable for company debts if they have acted within the law. However, if you have given personal guarantees or if there has been wrongful trading or fraudulent activity, you may be held personally responsible.

A statement of affairs is a document that lists the company's assets, liabilities, and creditors. It is prepared by the directors and submitted to the liquidator, providing a clear financial picture to help the liquidator manage the process.

No, once liquidation begins, the liquidator takes control of the company and trading ceases, except in limited circumstances where the liquidator may continue trading to preserve value. As a director, you lose control of the company's affairs.