Expert Company Liquidators inChippenham Wiltshire

A licensed insolvency practitioner takes control of the company's assets, realises them for the benefit of creditors, investigates the company's affairs, and distributes any available funds according to the legal priority order. They also deal with statutory filings and work to conclude the company's existence formally.

Costs vary depending on the complexity of the company's affairs, the number of creditors, and the work required to realise assets. Most practitioners offer a fixed fee for straightforward cases, but you should always request a detailed quote before agreeing to anything. The fee is paid from company assets where possible.

Yes, it is possible to place an insolvent company into creditors' voluntary liquidation even if there are no assets left to pay the practitioner's fees. In such cases, the director may need to fund the process personally or use a recognised alternative such as a director application to strike off, if the company meets the criteria.

Voluntary liquidation is initiated by the directors or shareholders, usually through a creditors' voluntary liquidation when the company is insolvent. Compulsory liquidation is a court order, often obtained by a creditor who is owed money and has issued a winding-up petition. The process and control differ significantly between the two routes.

A straightforward creditors' voluntary liquidation typically completes within six to twelve months, depending on how quickly assets are sold and any investigations are concluded. More complex cases with numerous creditors or legal issues can take longer. Your practitioner should provide a realistic timeline after the initial assessment.

Generally, no, because limited liability protects directors from company debts. However, personal liability can arise if you have given a personal guarantee, acted fraudulently, or traded while knowing the company could not pay its debts. A practitioner will review your conduct and advise you on any potential exposure.

Yes, there are several alternatives, including a company voluntary arrangement, administration, or informal arrangements with creditors. Sometimes a simple strike-off is appropriate for a solvent company. Your circumstances will determine which option is most suitable, so it is essential to seek professional advice before making any decisions.

You will need to provide the company's statutory books, financial records, bank statements, tax returns, and details of all assets and liabilities. You should also list any creditors, including those you owe money to, and provide information about any employees and their final payments. A complete picture helps the process run smoothly.

You can continue trading in the period before the liquidation meeting, but you must act in the best interests of creditors and avoid taking on new credit that you cannot repay. Once the resolution to wind up is passed, your powers as director cease, and the liquidator takes control of the company's affairs.

Employees are usually made redundant when the company enters liquidation, and the liquidator will assist them in claiming statutory redundancy pay and other entitlements from the National Insurance Fund. The liquidator will also provide the necessary documentation to help employees claim what they are owed.