Company Liquidators in Chase SideExpert Advice and Support

A licensed insolvency practitioner takes control of the company, realises its assets, settles creditor claims, and formally closes the business. They ensure the process follows legal requirements, investigate director conduct, and distribute any remaining funds to those owed money. Their role is to maximise returns for creditors whilst acting impartially.

Costs vary based on complexity, asset value, and the number of creditors. Typically, fees are drawn from the company's assets, but if assets are insufficient, directors may need to fund the process. Always request a fixed-fee quote upfront. A licensed professional will provide a clear breakdown before you commit.

You are eligible if your company is insolvent, meaning it cannot pay debts as they fall due or its liabilities exceed assets. The directors must pass a resolution to wind up, and at least 75% of creditors must agree to the voluntary arrangement. A licensed practitioner will confirm your eligibility and guide you through the voting process.

The entire process typically takes between six and twelve months, depending on the complexity of the company's affairs. Simple cases with few assets and creditors may conclude sooner, whilst those with disputes or investigations can extend longer. Your liquidator will provide a timeline based on your specific circumstances.

No. Once a liquidator is appointed, their control over the company ceases. The liquidator takes over management, and you must stop trading immediately unless the liquidator specifically allows certain activities to preserve value. Continuing to trade after insolvency without professional advice could lead to personal liability for wrongful trading.

Alternatives include a Company Voluntary Arrangement (CVA) to restructure debts, administration to rescue the business as a going concern, or informal arrangements with creditors. Each option has different implications for directors and creditors. A licensed insolvency practitioner will assess your financial position and recommend the most suitable route, which may not involve liquidation at all.

Employees are automatically made redundant when a liquidator is appointed, unless the business is sold as a going concern. The liquidator will assist with redundancy claims to the National Insurance Fund, ensuring employees receive statutory entitlements. They will also handle notice periods and outstanding wages, but priority is given to preferential creditors like employees.

Generally, directors are not personally liable for company debts, but exceptions exist. If you have given personal guarantees, signed a director's loan account, or acted wrongfully, you may be pursued. A liquidator will investigate transactions and may seek contributions if assets were misapplied. Seeking advice early can mitigate these risks.

Choose a licensed insolvency practitioner with relevant experience and a transparent fee structure. Check their authorisation with a recognised professional body, read client testimonials, and ensure they communicate clearly. You can connect with a specialist listed on AccountingFirms, who will provide a free initial consultation to discuss your case without obligation.

Yes, in most cases you can start a new company immediately, unless you are disqualified as a director or the liquidation involved misconduct. However, you may face restrictions on using the same or a similar name for five years, known as the 'phoenix' rules. A liquidator will advise you on these restrictions to ensure you comply with the law.