Professional Company Liquidators inCallander for Business Advice

A licensed insolvency practitioner acts as liquidator, taking control of the company's assets, realising them for the benefit of creditors, investigating the directors' conduct, and ensuring that the company is formally dissolved. They also handle creditor claims and distribute any available funds according to the legal priority.

The cost varies depending on the complexity of the case, the size of the company, and the amount of work involved. Typically, fees are based on the time spent or a fixed fee agreed in advance. You should ask for a clear fee structure before engaging any professional.

Yes, it is possible. If the company has no assets to cover the liquidation costs, the director may need to fund the process personally. Some insolvency practitioners offer payment plans, but this is not always available. You should discuss funding options with the professional you approach.

A creditors' voluntary liquidation is initiated by the directors and shareholders, who pass a resolution to wind up the company. A compulsory liquidation is ordered by a court, usually following a petition from a creditor. The former is more common and gives directors more control over the process.

The length of time depends on the complexity of the case, the number of creditors, and whether any assets need to be sold. A simple case may be completed in six to twelve months, while more complex cases can take several years to conclude fully.

Employees are made redundant when the company enters liquidation. They may be able to claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary documentation to support their claims.

No. Once a company enters liquidation, the directors' powers cease, and the liquidator takes control. The company cannot continue to trade, except for the purpose of a beneficial winding-up. You would need to start a new business if you wish to trade again, subject to certain restrictions.

Alternatives include a company voluntary arrangement (CVA), administration, or informal arrangements with creditors such as a time-to-pay agreement. Each option has its own advantages and disadvantages, and the right choice depends on the viability of the business and the level of creditor pressure.

Generally, no, unless you have given personal guarantees or have been involved in wrongful trading or other misconduct. The liquidator will investigate your conduct and may take action against you if there is evidence of improper behaviour. You should seek advice on this point early.

Look for a licensed insolvency practitioner with experience in your sector and a track record of handling similar cases. You should also consider their fee structure, communication style, and whether they offer a free initial consultation. It is important to feel comfortable and confident in their advice.