Professional Company LiquidatorsServing Chisholm Avenue

A licensed insolvency practitioner takes control of the company, realises its assets, investigates director conduct, and distributes funds to creditors. They also handle legal filings and ensure the company is formally dissolved at the end of the process.

Costs vary depending on the size and complexity of the company. Typically, fees are taken from the company's assets, but if assets are insufficient, creditors or directors may need to contribute. Always ask for a fixed fee quote before engaging a professional.

Directors can appoint a liquidator through a shareholder resolution for a creditors' voluntary liquidation. Creditors can also petition the court to wind up a company. A licensed practitioner will guide you on the correct procedure for your situation.

A straightforward creditors' voluntary liquidation typically completes within six to twelve months. More complex cases involving asset recovery or legal disputes can take longer. Your liquidator will provide a realistic timeline after assessing your company's affairs.

You can continue trading, but you must not take on new credit if you know the company cannot repay it. Doing so could lead to personal liability for wrongful trading. Seek professional advice immediately if you are unsure about your company's solvency.

Liquidation ends the company's existence, while administration aims to rescue the business as a going concern. If there is a viable core to the business, administration may allow it to continue. A licensed practitioner will help you decide which route suits your objectives.

Limited liability generally protects personal assets, but personal guarantees or wrongful trading can create exposure. If you have given personal guarantees for business loans, those creditors can pursue you directly. The liquidator will assess whether any claims arise.

Employees are made redundant once liquidation begins. They may claim statutory redundancy pay and unpaid wages from the National Insurance Fund. The liquidator will provide each employee with the necessary forms and guidance on making a claim.

Yes, but you must not reuse the same or a similar company name for five years unless certain conditions are met. This restriction aims to prevent 'phoenix trading'. Your liquidator will explain the rules and help you comply with the law.

Alternatives include company voluntary arrangements, administration, or informal arrangements with creditors. Each option has different outcomes for directors and creditors. A licensed professional will assess your financial position and recommend the most suitable solution.