Expert Company LiquidatorsServing Cabot Square

The cost varies based on the complexity of your company's affairs, the number of creditors, and whether assets need to be realised. Most liquidators offer a fixed fee for straightforward cases, but you should request a detailed quote. Fees are usually paid from company assets, and VAT may apply.

A straightforward creditors' voluntary liquidation can be completed in six to twelve months, depending on how quickly assets are sold and claims are resolved. More complex cases with legal disputes or missing records can take longer. Your liquidator will provide a timeline estimate after the initial review.

Yes, you can place a trading company into liquidation if it is insolvent and cannot continue. However, you must stop trading once the decision to liquidate is made, except for actions that preserve value or comply with legal duties. Continuing to trade while insolvent could lead to personal liability for wrongful trading.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to give breathing space, or a formal restructuring plan. Sometimes negotiating with creditors directly or selling the business as a going concern can avoid liquidation. A licensed professional can help you compare these options.

Yes, you must notify all known creditors of the creditors' meeting where the liquidation resolution is proposed. This includes trade creditors, banks, and any other parties owed money. Your liquidator will handle the formal notices, but you should provide a complete list of creditors to avoid delays.

Employees are automatically made redundant when a company enters liquidation, unless the liquidator retains them to help wind down operations. Redundancy payments may be claimed from the National Insurance Fund, but the process can take time. The liquidator will provide guidance on employee rights and claims.

Yes, you can liquidate an insolvent company with no assets, but creditors may not receive any dividend. The liquidator's fees must be paid, often by the directors if there are no assets. In some cases, a director may apply for a strike-off instead, but liquidation provides a more formal closure and can protect against future claims.

Generally, directors are not personally liable for company debts if they have acted properly and not given personal guarantees. However, if you have traded wrongfully, misused funds, or given guarantees, you could be held personally responsible. The liquidator will investigate your conduct and may take action if misconduct is found.

You must provide all company records, including financial statements, bank statements, contracts, and details of assets and liabilities. You also need to list all creditors and any connected parties. The liquidator will use this information to conduct the liquidation and report to creditors.

If the liquidation is solvent, you can continue as a director of other companies. However, if you are disqualified as a result of wrongful trading or other misconduct, you may be banned from acting as a director for a specified period. Your conduct is reviewed during the liquidation process.