Professional Company Liquidators inColeby for Your Business

A company liquidator is a licensed insolvency practitioner who takes control of a company's affairs, sells its assets, and distributes the proceeds to creditors. They also investigate the conduct of directors and ensure that the liquidation process is carried out lawfully and fairly.

The cost of liquidation varies depending on the size and complexity of the company. Typically, fees range from £4,000 to £8,000 plus VAT, but this can be higher for larger firms. Always obtain a fixed-fee quote before proceeding.

Any company that is insolvent and cannot pay its debts as they fall due may be eligible for a creditors' voluntary liquidation. This process is initiated by the directors and requires a shareholder resolution and a meeting of creditors.

The initial liquidation meeting typically occurs within a few weeks of instruction. The entire process, including asset realisation and final distribution to creditors, usually takes between six and twelve months, though complex cases can extend beyond that.

Alternatives include administration, company voluntary arrangement (CVA), or informal arrangements with creditors. Each option has different implications for the company and its directors, so it is important to seek professional advice to determine the most suitable course.

Yes, you can liquidate a company with no assets, but it may be considered an insolvent liquidation. Creditors may not receive any dividend, and the liquidator's fees may need to be covered by the directors or from funds within the company.

Employees are made redundant when a company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund, but the liquidator will provide guidance on the claims process.

Generally, directors are not personally liable for company debts unless they have given personal guarantees or acted wrongfully. If you have traded while insolvent or misused company funds, you could be held personally liable.

To start a creditors' voluntary liquidation, you must call a board meeting to pass a resolution, then appoint a licensed insolvency practitioner. They will guide you through the necessary paperwork and convene a creditors' meeting.

No, once liquidation begins, the company ceases trading. The liquidator takes control of the business and assets. If you wish to continue trading, you should explore alternatives such as administration or a company voluntary arrangement.