Expert Company LiquidatorsServing Christchurch Businesses

A company liquidator takes control of the business, realises assets, settles outstanding debts, and distributes any remaining funds to creditors. They also investigate the directors' conduct and ensure all statutory filing requirements are fulfilled before the company is formally dissolved.

Costs vary depending on the complexity of the insolvency, the size of the company, and the number of creditors involved. Most practitioners offer a fixed fee for straightforward cases, but always request a detailed quote before proceeding. The liquidator's fee is typically paid from the company's assets.

Your company is eligible if it is insolvent, meaning it cannot pay its debts as they fall due. You must also have sufficient assets to fund the liquidation process itself. A licensed practitioner will confirm eligibility during an initial consultation and advise on the most appropriate procedure.

A straightforward creditors' voluntary liquidation typically takes between six and twelve months to complete. More complex cases involving substantial asset realisation or legal disputes may take longer. The liquidator will provide a timeline after reviewing your company's records and financial position.

Alternatives include a company voluntary arrangement, administration, or informal restructuring with creditors. Sometimes a solvent dissolution is possible if debts can be paid. A licensed professional will assess your specific circumstances and explain which option offers the best outcome for all parties involved.

No, once a liquidator is appointed, their control replaces the directors' authority. You cannot trade or enter new contracts without the liquidator's approval. Continuing to trade while insolvent before appointment may lead to personal liability for wrongful trading, so seek advice early.

Employees are automatically made redundant when a compulsory liquidation order is made, or when a creditors' voluntary liquidation is approved. The liquidator will assist with claims for redundancy pay, notice pay, and unpaid wages through the National Insurance Fund, ensuring employees receive their statutory entitlements.

No, a creditors' voluntary liquidation does not require a court appearance. The process involves a shareholder meeting to pass a resolution, followed by a creditors' meeting to confirm the appointment of the liquidator. Your practitioner will handle all necessary paperwork and guide you through each step.

Directors face an investigation into their conduct, which may result in disqualification if misconduct is found. However, most directors who act honestly and cooperate fully with the liquidator face no personal penalties. The liquidator will report on your conduct but will not pursue claims without proper evidence.

Yes, it is still possible to appoint a liquidator even if assets are minimal, provided there are funds to cover the costs. If the company cannot fund the process, creditors may be unwilling to pay, so explore options such as a director's loan or a third-party contribution to cover professional fees.