Company Liquidators in Cheshirefor Your Business

A company liquidator is a licensed insolvency practitioner who takes control of the company, sells its assets, distributes the proceeds to creditors, and investigates the directors' conduct. They ensure the process is handled legally and fairly, and they manage the final dissolution of the company.

The cost of liquidation varies depending on the size and complexity of the company. Typically, fees are paid from the company's assets, but if there are no assets, directors may need to fund the process personally. It is best to get a fixed fee quote from a licensed practitioner before proceeding.

Voluntary liquidation is initiated by the directors or shareholders, often through a creditors' voluntary liquidation when the company is insolvent. Compulsory liquidation is ordered by a court, usually following a petition from a creditor. The process and outcomes differ, so you should seek advice on which applies to your situation.

Yes, you can liquidate an insolvent company with no assets, but you will need to consider how to fund the liquidator's fees. In some cases, the liquidator may accept a reduced fee or you may need to pay personally. It is essential to discuss this with a licensed professional to understand your options.

The process involves a meeting of shareholders to pass a resolution to wind up the company, followed by a meeting of creditors to confirm the appointment of the liquidator. The liquidator then takes control of the assets, deals with claims, and distributes any funds to creditors. The company is then dissolved.

The length of time depends on the complexity of the company's affairs. A straightforward liquidation might be completed within six to twelve months, but if there are complex asset realisations or investigations, it can take longer. Your liquidator will provide an estimated timeline at the start.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to give the company breathing space, or a formal restructuring. For solvent companies, a members' voluntary liquidation or striking off may be appropriate. Each option has different implications, so it is important to get professional advice.

Yes, in a creditors' voluntary liquidation, the shareholders can appoint a liquidator without going to court, provided the company is insolvent. This is the most common route for insolvent companies. Compulsory liquidation always requires a court order, but that is a different process.

Once the liquidation is complete and the company is dissolved, most unsecured debts are written off. However, certain debts like those secured against personal guarantees may still be pursued. The liquidator will distribute any available funds to creditors according to the legal priority order.

Generally, directors are not personally liable for company debts, but there are exceptions. If you have given personal guarantees, or if you have acted wrongfully or fraudulently, you may be held liable. The liquidator has a duty to investigate and may take action against directors if misconduct is found.