Professional Company Liquidators inCattedown Plymouth for Directors

A licensed liquidator takes control of the company's assets, realises them for the benefit of creditors, investigates the company's affairs, and distributes any available funds in the statutory order. They also handle the legal closure of the company and ensure all filing requirements are met properly.

The cost depends on the complexity of the case, the size of the company, and the number of creditors involved. Most practitioners offer a fixed fee for straightforward creditors' voluntary liquidations, but this can vary. You should always request a detailed written quotation before proceeding with any appointment.

A straightforward creditors' voluntary liquidation typically completes within six to twelve months, but the timeline depends on how quickly assets can be sold and whether any legal issues arise. More complex cases involving litigation or asset recovery can take considerably longer to conclude fully.

Yes, you can still appoint a liquidator even if there are no assets to distribute to creditors. In such cases, the liquidation is often funded by the directors personally or through existing insurance policies. The liquidator will still investigate the company's affairs and file the necessary reports with the relevant authorities.

A members' voluntary liquidation is used when a company is solvent and can pay its debts in full within twelve months. A creditors' voluntary liquidation is used when the company is insolvent and cannot pay its debts. The procedures differ significantly in terms of creditor involvement and director duties.

Employees are automatically made redundant when a company enters liquidation, and they may be entitled to claim certain statutory payments from the government's redundancy payments service. The liquidator will provide employees with the necessary forms and information to make these claims, though the process can take several weeks to complete.

Directors can be held personally liable if they have acted wrongfully, traded while insolvent, or misused company funds. The liquidator has a duty to investigate director conduct and can apply to the court for a contribution order if evidence of misconduct is found. Proper advice can help you understand your exposure.

Yes, alternatives include a company voluntary arrangement, administration, or informal negotiations with creditors. A licensed insolvency practitioner can assess your specific circumstances and advise whether a rescue option might be viable. Sometimes a structured repayment plan can avoid the need for formal liquidation altogether.

You should prepare a list of all company assets and liabilities, details of any secured creditors, recent management accounts, and information about any directors' loans. You should also have your company registration number and VAT number to hand. This information helps the practitioner provide an accurate initial assessment.

If you owe money to the company through a directors' loan account, the liquidator will seek repayment of that amount as it forms part of the company's assets. If the company owes you money, you will become an unsecured creditor and may receive a dividend depending on available funds.