Professional Company Liquidators inBurgess Hill for Business Closure

A company liquidator is a licensed insolvency practitioner who manages the closure of a company that cannot pay its debts. They realise the company's assets, distribute the proceeds to creditors in a legal order, investigate the directors' conduct, and then dissolve the company. They also ensure that all statutory filings are completed and that the process complies with insolvency legislation.

The cost of a liquidation varies depending on the complexity of the case, the size of the company, and the number of creditors. Typically, fees are taken from the company's assets as a priority expense. If there are no assets, directors may need to fund the process personally. Always request a detailed fee quote before instructing a professional.

A straightforward creditors' voluntary liquidation often 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. The liquidator must also allow time for creditors to submit claims and for statutory advertising periods to expire.

A creditors' voluntary liquidation is initiated by the directors and shareholders when the company is insolvent, and they pass a resolution to wind up. A compulsory liquidation is a court order obtained by a creditor who petitions for the company to be wound up. The latter is often more costly and carries greater reputational damage for the directors.

No, once a liquidator is appointed, they take control of all company assets. You cannot sell or transfer assets to yourself or others without the liquidator's consent. If you have personally guaranteed a loan, the lender may pursue you for repayment. However, assets held personally and not used in the business are generally unaffected.

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

Yes, alternatives include a company voluntary arrangement, which allows the company to continue trading while repaying debts over time, or administration, which gives a breathing space to restructure or sell the business. A licensed insolvency practitioner can assess whether these options are viable and explain the implications for directors and creditors.

The company must be insolvent, meaning it cannot pay its debts as they fall due or its liabilities exceed its assets. The directors must be prepared to swear a statement of affairs and convene a meeting of shareholders to pass a resolution. Creditors must be notified and given the opportunity to vote on the appointment of the liquidator.

Generally, no, unless you have given personal guarantees for loans or overdrafts. However, if you have traded wrongfully, misused company funds, or acted fraudulently, the liquidator may seek a court order to make you personally contribute to the company's assets. It is essential to seek legal advice if you are concerned about potential liability.

Look for a licensed insolvency practitioner who is regulated by a recognised professional body. Check their experience with similar companies and request references. It is also wise to compare fee structures and ensure they provide clear communication. A good liquidator will explain the process transparently and help you understand your options before you commit.