Professional Company Liquidators inCamborne for Business Advice

The cost varies depending on the size and complexity of the company. A licensed insolvency practitioner will provide a fixed fee quote before you commit. This fee is usually paid from the company's assets, but if there are no assets, the directors may need to fund the process personally.

Your company is eligible for a creditors' voluntary liquidation if it is insolvent, meaning it cannot pay its debts when they fall due. A director must pass a resolution and a statement of affairs must be prepared. A licensed practitioner will assess your financial position to confirm eligibility.

The process begins with a board meeting to pass a resolution. Then, a statement of affairs is compiled, and a meeting of creditors is held to confirm the appointment of the liquidator. The practitioner then takes control of the company's assets and manages the distribution to creditors.

A simple case may be concluded in six to twelve months. However, complex cases with substantial assets or legal disputes can take several years. The liquidator must investigate the company's affairs, sell assets, and agree claims from creditors, which requires time to complete properly.

Yes, alternatives include a company voluntary arrangement, administration, or a formal restructuring plan. These options may allow the company to continue trading or achieve a better return for creditors. A licensed insolvency practitioner can explain the merits of each alternative based on your specific circumstances.

Employees are automatically dismissed when a liquidation order is made. They become preferential creditors for certain claims, such as wages and holiday pay. The liquidator will provide the necessary paperwork for employees to claim any unpaid entitlements from the government's insolvency service.

Directors are not usually personally liable for company debts, but they can be if they have given personal guarantees or acted wrongfully. This includes continuing to trade while insolvent or misusing company funds. The liquidator has a duty to investigate and may pursue legal action against directors in such cases.

The liquidator is legally required to investigate the conduct of directors leading up to the liquidation. They will review the company's financial records, transactions, and decisions. If they find evidence of misconduct, they can report it to the authorities or apply to the court to have the director disqualified.

Yes, you can start a new business immediately after a liquidation, unless you are disqualified from being a director. However, it may be difficult to open a bank account or obtain credit without a reference. You should seek advice on how to structure your new venture to avoid the same problems.

You should choose a licensed insolvency practitioner who is regulated by a recognised professional body. Look for someone with experience in your industry and a transparent fee structure. A good liquidator will explain the process clearly, treat you fairly, and act in the best interests of all creditors.