Professional Company LiquidatorsServing Broadstone Businesses

A licensed insolvency practitioner acts as liquidator to realise the company's assets, settle creditor claims in the correct order, and investigate the directors' conduct. They manage the legal closure of the company, ensuring that all statutory obligations are fulfilled and the company is formally dissolved at the end of the process.

Costs vary depending on the complexity of the case, the size of the company, and the number of creditors. A simple creditors' voluntary liquidation may cost from a few thousand pounds, but a full investigation or asset recovery can increase fees. Always request a clear, written quotation before appointing a liquidator.

A straightforward creditors' voluntary liquidation typically takes between six and twelve months to complete, including the final distribution to creditors and dissolution. More complex cases with asset sales, legal disputes, or director investigations can take considerably longer, sometimes several years, before the company is finally struck off.

Yes, it is possible to liquidate a company that has no assets, but you must still follow the correct legal procedure. A licensed insolvency practitioner can act as liquidator, and the costs may be covered by the director or from funds available. If the company cannot pay for liquidation, other options may be available.

Voluntary liquidation is initiated by the company's shareholders or directors, often through a creditors' voluntary liquidation when insolvent. Compulsory liquidation is forced by a court order, usually after a creditor petitions for winding up. The process and control differ significantly, so professional advice is essential to choose the correct route.

Generally, directors are not personally liable for company debts if they have acted properly and without wrongful trading. However, personal guarantees, fraudulent trading, or misuse of funds can create personal liability. A liquidator will investigate your conduct, and if you have concerns, seek legal advice before the liquidation begins.

Once a company enters liquidation, trading must cease immediately, except for the purpose of a beneficial winding up. The liquidator takes control of the company's affairs, and directors lose their powers. If you wish to continue the business, you may consider buying assets from the liquidator and starting a new company.

Yes, alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to rescue the business as a going concern, or informal arrangements with creditors. Each option has different implications for directors and creditors, so it is important to compare them with a licensed professional before deciding.

Employees are made redundant when the company enters liquidation, and the liquidator will terminate their contracts. They may be entitled to redundancy pay, notice pay, and holiday pay, which are preferential claims. The liquidator will provide the necessary documentation for employees to claim from the National Insurance Fund if the company lacks assets.

Look for a licensed insolvency practitioner who is authorised by a recognised professional body, such as the Insolvency Practitioners Association. Check their experience with similar companies, ask for a clear fee structure, and ensure they communicate in plain language. You can connect with a specialist listed on AccountingFirms for trusted guidance.