Expert Company LiquidatorsGuidance Across Chatham

Costs vary based on the complexity of your company's affairs, but a standard creditors' voluntary liquidation (CVL) may cost between £4,000 and £8,000 plus VAT. The fee usually covers the liquidator's time, statutory advertising, and disbursements. Always obtain a fixed-fee quote before appointing a liquidator.

Your company is eligible if it is insolvent, meaning it cannot pay its debts as they fall due, or its liabilities exceed its assets. A licensed insolvency practitioner will assess your financial position and confirm whether liquidation is the appropriate route or if an alternative like administration is more suitable.

The process begins with a meeting of directors to pass a resolution for liquidation. Then, a creditors' meeting is held where the liquidator is formally appointed. The liquidator takes control of the company's assets, realises them, and distributes the proceeds to creditors in the statutory order.

A straightforward liquidation can be completed in six to twelve months, but complex cases with numerous assets or disputes may take longer. The liquidator must investigate the company's affairs, which can extend the timeline. You will receive regular updates on progress.

Once liquidation commences, directors lose control of the company, and trading must cease unless the liquidator decides it is beneficial for the realisation of assets. Continuing to trade without the liquidator's consent could lead to personal liability for debts incurred.

Alternatives include administration, which aims to rescue the company as a going concern, or a company voluntary arrangement (CVA), which allows you to repay debts over time. If the company is solvent, a members' voluntary liquidation (MVL) can be used for tax efficiency.

Generally, no, if you have acted within the law. However, if you have given personal guarantees, you may be pursued by creditors. Also, if wrongful trading or misfeasance is found, the liquidator can seek a court order for you to contribute to company assets.

Look for a licensed insolvency practitioner with experience in your industry and a track record of transparent communication. Check their credentials with a recognised professional body and read client testimonials. A local practitioner will understand regional business conditions.

You will need to provide up-to-date financial statements, a list of creditors and debtors, details of any assets, and records of any recent transactions. The liquidator will also require information about employee contracts and any ongoing legal disputes.

Yes, the liquidator has a statutory duty to investigate the conduct of directors in the period leading up to liquidation. If they find evidence of wrongful trading, fraudulent activity, or breach of duty, they can report you to the Insolvency Service, which may lead to disqualification.