Professional Company Liquidators inChandlers Ford for Businesses

A company liquidator is a licensed insolvency practitioner who manages the winding-up of a company's affairs. They realise assets, settle creditor claims, and distribute any remaining funds to shareholders. They also investigate director conduct and ensure compliance with statutory requirements throughout the process.

The cost of liquidation varies depending on the size and complexity of the company. For a straightforward creditors' voluntary liquidation, fees typically range from £3,000 to £6,000 plus VAT and disbursements. A licensed professional will provide a fixed fee quote after assessing your company's circumstances.

Solvent liquidation, known as a members' voluntary liquidation, is used when a company can pay its debts in full within twelve months. Insolvent liquidation, or creditors' voluntary liquidation, applies when the company cannot meet its liabilities. The procedures differ in terms of statutory declarations, creditor involvement, and distribution of assets.

A creditors' voluntary liquidation typically takes between six and twelve months to complete, depending on the complexity of asset realisation and creditor claims. Members' voluntary liquidations can be quicker, often concluding within three to six months. The liquidator must file final accounts with Companies House at the conclusion.

Yes, you can liquidate an insolvent company with no assets, but the process may be funded by the director or through the official receiver. A licensed insolvency practitioner can assess whether a creditors' voluntary liquidation is viable or if an alternative such as a compulsory liquidation is more appropriate.

Alternatives include a company voluntary arrangement (CVA), administration, or informal negotiation with creditors. A CVA allows the company to repay debts over a period while continuing to trade. Administration provides a moratorium from creditor action, potentially enabling a rescue. Your chosen professional will advise on the best route.

Employees are made redundant when a company enters liquidation. They may be entitled to claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. The liquidator provides employees with the necessary claim forms and guidance on how to apply for these entitlements.

Directors can be personally liable if they have given personal guarantees, or if they have acted wrongfully or fraudulently. This includes trading while insolvent without taking proper steps to protect creditors. A liquidator investigates director conduct and may pursue claims if there is evidence of misfeasance or breach of duty.

To start a creditors' voluntary liquidation, you must convene a board meeting and pass a resolution to wind up the company. Then, a meeting of creditors is held within 14 days, where a licensed insolvency practitioner is appointed as liquidator. A professional can guide you through each step and prepare the necessary documentation.

Director disqualification is a court order that prohibits an individual from acting as a director or being involved in the management of a company for a specified period, typically between two and fifteen years. It can result from wrongful trading, breach of fiduciary duty, or other misconduct identified during liquidation.