Professional Company LiquidatorsServing Chalgrove Businesses

The cost of a creditors' voluntary liquidation typically ranges from £4,000 to £8,000 plus VAT, depending on the complexity of the company's affairs. This fee covers the liquidator's work, statutory advertising, and preparation of final accounts. You should obtain a fixed fee quote before appointing a liquidator.

A company is eligible for a creditors' voluntary liquidation if it is insolvent, meaning it cannot pay its debts as they fall due. The directors must pass a resolution to wind up the company, and a meeting of creditors must be held within 14 days to confirm the appointment of the liquidator.

The entire process from the initial meeting to the final dissolution of the company typically takes between 6 and 12 months. The liquidator must realise assets, investigate the company's affairs, and distribute funds to creditors before applying to the registrar to dissolve the company.

Alternatives include a Company Voluntary Arrangement, which allows the company to continue trading while paying debts over a period, or an administration process if there is a viable business to rescue. A licensed insolvency practitioner can help you decide which option is best for your circumstances.

No. Once a liquidator is appointed, the directors' powers cease, and the liquidator takes control of the company. The company must stop trading immediately, except where the liquidator decides that continuing to trade for a short period is beneficial for the realisation of assets.

The liquidator will take control of all company assets, including cash, stock, equipment, and property. They will sell these assets to generate funds for distribution to creditors. Assets that are subject to a fixed charge, such as a mortgage on a property, will be dealt with separately.

Generally, directors are not personally liable for company debts if they have acted properly. However, if you have given personal guarantees for loans or have been involved in wrongful trading, you could be held personally responsible. A liquidator will investigate your conduct and report any issues.

The liquidator's role is to act in the interests of all creditors. They will realise the company's assets, investigate the reasons for insolvency, and distribute the proceeds to creditors in the statutory order. They also have a duty to report any director misconduct to the Insolvency Service.

Yes, you can liquidate a company with no assets. This is often referred to as a 'no-asset liquidation'. The cost of the liquidation may need to be funded by the directors or a third party, as the company will not have funds to pay the liquidator's fees.

Directors may face disqualification from acting as a director for up to 15 years if they are found guilty of wrongful trading or other misconduct. They may also be required to contribute to the company's assets if they have misappropriated funds. However, most directors who act honestly will not face any penalties.