Expert Company LiquidatorsServing Bromborough Businesses

Fees typically range from £4,000 to £8,000 plus VAT, depending on the complexity of your case and the size of the company. Always request a fixed-fee quote in writing before engaging a liquidator, and ensure there are no hidden costs for additional work such as dealing with HMRC enquiries or legal challenges.

To enter a CVL, your company must be insolvent, meaning it cannot pay its debts as they fall due. The directors must pass a resolution to wind up the company, and creditors must approve the appointment of a liquidator at a formal meeting. There is no minimum debt level, but you must be able to pay for the liquidation process.

The entire process typically takes between six and twelve months, from the initial meeting with a liquidator to the final dissolution of the company. The liquidator must realise assets, investigate the company's affairs, agree claims with creditors, and distribute any available funds before applying to strike the company off the register.

A CVL is a voluntary process initiated by the directors when the company is insolvent. A compulsory liquidation is a court-ordered process, usually initiated by a creditor who petitions the court for a winding-up order. Compulsory liquidation is often more costly and less controlled, so directors generally prefer a CVL if possible.

Once a liquidator is appointed, they take control of the company, and you lose the ability to trade or make decisions. Before that point, you may continue trading, but you must not incur credit that you cannot repay, as this could lead to wrongful trading claims against you personally.

Alternatives include a Company Voluntary Arrangement (CVA), which allows you to repay debts over a period of time while continuing to trade, or a formal restructuring plan. You might also consider negotiating directly with creditors for more time or reduced payments, but always seek professional advice to understand the implications.

Employees are entitled to claim certain statutory payments from the National Insurance Fund, including redundancy pay, unpaid wages, and holiday pay. The liquidator will provide each employee with form RP1 to make a claim. Employees are also entitled to be consulted about the liquidation, and you must follow proper procedures to avoid claims for unfair dismissal.

In most cases, no. Limited liability protects directors from personal liability for company debts, provided they have not acted improperly. However, you may be personally liable if you have given personal guarantees, or if you have traded while insolvent and increased the debt to creditors (wrongful trading).

Look for a licensed insolvency practitioner who is a member of a recognised professional body, such as the Insolvency Practitioners Association or the ICAEW. Check their experience with similar cases, read client testimonials, and ensure they are independent and not connected to any creditor. Always ask for a clear fee structure.

The liquidator has a statutory duty to investigate the conduct of directors in the period leading up to liquidation. They will examine transactions, look for evidence of fraud or misfeasance, and report any misconduct to the Insolvency Service. If they find wrongdoing, they can apply to the court for a disqualification order or compensation.