Professional Company LiquidatorsServing Buxted Businesses

The cost varies depending on the complexity of your company's affairs, the number of creditors, and the value of assets. Licensed liquidators usually charge a fixed fee or an hourly rate. You should obtain a detailed quote before proceeding, ensuring there are no hidden charges.

Any limited company that is insolvent, meaning it cannot pay its debts as they fall due, may be eligible for creditors' voluntary liquidation. If the company is solvent, a members' voluntary liquidation is possible. A licensed insolvency practitioner can assess your financial position and confirm eligibility.

The process typically involves a board meeting to pass a resolution, followed by a meeting of shareholders to approve the liquidation. The appointed liquidator then takes control of the company's assets, notifies creditors, and begins realising assets to distribute funds.

The duration depends on the complexity of the case. A straightforward creditors' voluntary liquidation may be completed within six to twelve months. More complex cases involving asset sales or legal disputes can take longer. Your liquidator will provide an estimated timeline at the outset.

Yes, alternatives include a company voluntary arrangement (CVA), administration, or informal restructuring with creditors. A CVA allows you to repay debts over time while continuing to trade. Administration provides a moratorium from creditors while a rescue plan is attempted. Your advisor can explain the pros and cons.

Employees are made redundant when the company enters liquidation. They may be entitled to statutory redundancy pay, notice pay, and unpaid wages. These claims are preferential and are usually paid from the company's assets or the National Insurance Fund, subject to statutory limits.

Generally, no. Once a liquidator is appointed, they take control of all company assets to sell for the benefit of creditors. If you wish to buy back certain assets, you may be able to negotiate with the liquidator, but you must pay a fair market value.

Directors must cooperate fully with the liquidator, provide all relevant books and records, and disclose any transactions that may be void or preferential. Failure to do so can result in personal liability, fines, or disqualification.

If you have given personal guarantees for company debts, those may be called in and could affect your personal credit. Otherwise, the liquidation itself does not directly affect your personal credit rating, but it may impact your ability to obtain credit in the future as a director.

Look for a licensed insolvency practitioner who is experienced in your industry and offers transparent fees. Check their credentials and reviews. You can also ask for recommendations from your accountant or legal advisor. Always speak with a regulated professional listed on AccountingFirms.