Professional Company Liquidators inChatteris for Your Business

A licensed insolvency practitioner is appointed to wind up a company's affairs. They realise assets, agree claims from creditors, investigate the conduct of directors, and distribute any remaining funds in the statutory order. They also ensure the company is formally dissolved at Companies House.

Costs vary depending on the complexity of the case, the size of the company, and the number of creditors. A licensed professional will provide a fixed fee or an estimate before you commit. You should always ask for a clear breakdown of costs and any disbursements that may be charged.

You are eligible if your company is insolvent, meaning it cannot pay its debts as they fall due. This includes situations where liabilities exceed assets. A director must pass a resolution to wind up, and creditors must approve the appointment of a liquidator at a formal meeting.

The process typically takes between six and twelve months from the date of the liquidator's appointment. This period allows for asset realisation, creditor claims, and the final distribution. More complex cases with legal disputes or missing records can take longer.

A compulsory liquidation is ordered by a court, usually following a creditor's petition. A voluntary liquidation is initiated by the directors or shareholders. Creditors' Voluntary Liquidation is the most common route for insolvent companies, whilst Members' Voluntary Liquidation is for solvent companies.

Once you have decided to liquidate, you must stop trading immediately, except in limited circumstances where continued trading is necessary for the beneficial realisation of assets. Trading on whilst insolvent can lead to personal liability for wrongful trading, so you should seek advice without delay.

Employees are made redundant on the date the liquidator is appointed. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide each employee with the necessary forms and guidance on how to claim.

In most cases, no. Limited liability protects directors from personal responsibility for company debts. However, you may be personally liable if you have given personal guarantees, or if you have acted fraudulently or wrongfully. A licensed professional can assess your exposure.

Yes, alternatives include a Company Voluntary Arrangement, administration, or informal arrangements with creditors. Each option has different implications for the future of the business and your personal position. A licensed insolvency practitioner can explain the pros and cons of each route.

You will need to provide the company's books and records, including bank statements, invoices, tax returns, and details of assets and liabilities. You must also provide a statement of affairs, which lists what the company owns and owes. The liquidator will guide you on what is required.