Company Liquidators inBroxbourne, Expert Guidance

The cost varies depending on the complexity of your company's affairs, the number of creditors, and the assets involved. Most licensed insolvency practitioners offer a fixed fee for a Creditors' Voluntary Liquidation, typically funded from the company's assets. You should ask for a clear quote before proceeding.

Your company is insolvent if it cannot pay its debts as they fall due, its liabilities exceed its assets, or it has a statutory demand or court judgment against it. A licensed practitioner can review your financial position and confirm whether formal insolvency is necessary.

The process begins with a meeting of directors to pass a resolution to wind up the company. A licensed insolvency practitioner is appointed as liquidator, who then realises assets, investigates affairs, and distributes funds to creditors. The company is dissolved at the end of the process.

A straightforward Creditors' Voluntary Liquidation typically takes between six and twelve months to complete. However, the timeline can extend if there are complex asset sales, legal disputes, or investigations into director conduct. Your practitioner will give you a realistic estimate based on your circumstances.

You can continue trading if you believe the company can recover, but you must not trade at the expense of creditors. If you know the company is insolvent and you continue to incur credit, you risk personal liability for wrongful trading. Speak with a professional early to protect your position.

Alternatives include a Company Voluntary Arrangement, administration, or informal restructuring with creditors. A CVA allows you to repay debts over time, while administration gives a breathing space to reorganise. A licensed practitioner can assess which option is most suitable for your business.

Employees are made redundant when a company enters liquidation. They may be entitled to claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to affected staff.

Generally, directors are not personally liable for company debts if they have acted properly. However, personal liability can arise if you have given personal guarantees, misused funds, or traded wrongfully. A licensed practitioner will investigate and advise you on your exposure.

Yes, you can place a company into liquidation even if it has no assets. This is often called a 'no-asset' liquidation. The cost is usually covered by a director's contribution or a third-party funder. Your practitioner will explain the options available to you.

You will need to provide the company's financial records, including accounts, bank statements, tax returns, and details of debts and assets. The liquidator also requires a statement of affairs, which lists what the company owes and owns. Your practitioner will guide you through the documentation.