Professional Company Liquidatorsin Carshalto

A company liquidator is a licensed insolvency practitioner who takes control of the company, realises its assets, pays creditors according to legal priority, and formally dissolves the company. They also investigate director conduct and ensure compliance with insolvency law throughout the process.

The cost of liquidation varies depending on the complexity of the company's affairs, asset values, and the number of creditors. For a straightforward creditors' voluntary liquidation, fees typically range from a few thousand pounds, but you should obtain a fixed fee quote before proceeding.

Any limited company that is insolvent or wishes to close solvently can appoint a licensed liquidator. For a creditors' voluntary liquidation, the board must pass a resolution and shareholders must approve it. For compulsory liquidation, a creditor or director may petition the court.

The process begins with a meeting of directors to assess solvency, followed by shareholder approval. For insolvent cases, a creditors' meeting is held to confirm the liquidator. The liquidator then takes control, sells assets, distributes funds, and applies for dissolution.

A simple solvent liquidation can complete in around six to nine months. An insolvent liquidation often takes longer, typically twelve to eighteen months, depending on the complexity of asset realisation, creditor claims, and any investigations that are required.

No, once a liquidator is appointed, they take control of the company and you lose your authority as director. Trading can only continue if the liquidator decides it is beneficial for the realisation of assets, but that is rare and only for a limited period.

Alternatives include a company voluntary arrangement to repay debts over time, administration to rescue the business as a going concern, or informal restructuring with creditors. Each option has different implications for directors and creditors, so professional advice is essential.

Generally, no, because limited liability protects your personal assets. However, if you have given personal guarantees, acted fraudulently, or traded wrongfully, you may be pursued for repayment. The liquidator investigates your conduct and can seek court orders if necessary.

Yes, even if the company has no assets, a liquidation can still take place. The director or a creditor can fund the process, or in some cases, the official receiver may handle it through compulsory liquidation. Creditors may not receive a dividend, but the company is properly closed.

You must provide the company's statutory records, financial statements, bank statements, debtor and creditor lists, asset registers, and details of any transactions in the past two years. Full disclosure is required to ensure the liquidation proceeds smoothly and lawfully.