Expert Company LiquidatorsServing Bushey Businesses

A licensed insolvency practitioner manages the formal closure of your company. They realise assets, agree creditor claims, investigate director conduct, and distribute any funds. They also ensure statutory filings are completed and the company is formally dissolved at the end of the process.

Costs vary based on company size, asset complexity, and creditor numbers. Creditors’ voluntary liquidation fees are often covered by company assets, but if assets are minimal, directors may need to fund the process personally. Always request a detailed fee quote before instructing any practitioner.

Any insolvent company whose directors believe it cannot pay its debts may enter creditors' voluntary liquidation. A majority of directors must make a statutory declaration of solvency or insolvency, and shareholders must pass a resolution. Creditors then vote to confirm the appointed liquidator.

A straightforward creditors' voluntary liquidation typically completes within six to twelve months. However, complex cases with asset sales, legal disputes, or investigations may take longer. The liquidator must file final accounts and notify Companies House before the company is formally dissolved.

Yes, a solvent company can be closed via members' voluntary liquidation if it can pay all debts in full within twelve months. If there are no assets and no debts, a director may apply for voluntary strike-off, which is cheaper but does not require a licensed liquidator.

Alternatives include company voluntary arrangements to repay debts over time, administration to rescue the business as a going concern, or informal negotiations with creditors. A licensed insolvency practitioner can assess which option best protects jobs, value, and director responsibilities.

Employees are automatically dismissed once a liquidator is appointed. They may claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. The liquidator provides the necessary forms and guidance to help employees make these statutory claims.

In most cases, no court attendance is required for creditors' voluntary liquidation. However, if a compulsory liquidation order is made by a court following a creditor's petition, directors may need to attend hearings. Your insolvency practitioner will advise on the specific process applicable to your situation.

Once liquidation begins, directors lose control of the company. The liquidator takes over to protect creditor interests. Trading may continue briefly if the liquidator believes it will maximise asset value, but only under their supervision and for a limited period.

Directors must cooperate fully with the liquidator, provide all company records, disclose all assets and liabilities, and avoid preferential treatment of any creditor. They must not hide assets or destroy documents. Failure to comply can lead to personal liability or disqualification proceedings.