Company Liquidators inCobham, Guiding You

A company liquidator is a licensed insolvency practitioner who manages the closure of a company. They realise assets, settle creditor claims, and distribute any remaining funds. They also investigate the conduct of directors and ensure compliance with legal requirements throughout the process.

The cost varies depending on the size and complexity of the company. Fees are typically based on the work involved, the number of creditors, and the value of assets. A licensed practitioner will provide a clear fee structure before you commit. You should always obtain a written quotation.

Solvent liquidation, often called members' voluntary liquidation, is used when a company can pay its debts. Insolvent liquidation, or creditors' voluntary liquidation, applies when the company cannot pay its debts. The process and implications for directors differ significantly between the two.

Yes, it is possible to liquidate a company with no assets, but the process may be more straightforward. Creditors' voluntary liquidation can proceed even if there are no assets to distribute. However, you must still follow the correct legal procedures and notify all creditors.

The length of time depends on the complexity of the company's affairs. A simple liquidation may be completed in a few months, while more complex cases can take longer. The liquidator will provide an estimated timeline at the outset, but this can vary based on asset realisation and creditor claims.

Alternatives include administration, company voluntary arrangement, or informal restructuring. Administration provides protection from creditors while a rescue plan is attempted. A company voluntary arrangement is a formal agreement to pay debts over time. A licensed practitioner can explain which option might be suitable for your circumstances.

Generally, directors are not personally liable for company debts, but there are exceptions. If you have given personal guarantees, you may be responsible for those specific debts. Also, if you have acted wrongfully or fraudulently, the court may make you personally liable for some company debts.

Directors' disqualification is a legal order that prevents a person from being a director of a company for a specified period. It can be imposed if a director has been found guilty of wrongful trading, fraudulent trading, or other misconduct. The liquidator has a duty to report any such behaviour.

No, once liquidation begins, the company ceases to trade. The liquidator takes control of the company's affairs, and directors no longer have the authority to make decisions. If you wish to continue a business, you may need to set up a new company, subject to certain restrictions.

You should choose a licensed insolvency practitioner with experience in your industry and a good track record. It is important to compare fees and services, and to ensure the practitioner is regulated by a recognised professional body. You can speak with a specialist listed on AccountingFirms to help you find the right person.