Professional Company LiquidatorsServing Coniston Businesses

A licensed liquidator takes control of the company, realises its assets, settles creditor claims, and distributes any remaining funds. They also investigate the directors' conduct and ensure the company is dissolved legally. Their role is to maximise returns for creditors while ensuring compliance with insolvency law.

The cost varies based on the complexity of the case, the size of the company, and the number of assets. Creditors' voluntary liquidation (CVL) is typically funded by the company's assets. If there are no assets, a director may need to fund the process personally. Always obtain a clear, fixed-fee quote before proceeding.

A CVL is a voluntary process initiated by the directors and shareholders, whereas compulsory liquidation is forced by a court order, often following a creditor's petition. A CVL gives directors more control over the appointment of the liquidator and the timing, while compulsory liquidation is more adversarial and costly.

Once liquidation begins, the liquidator takes over control of the company. You cannot continue trading in the normal sense. However, the liquidator may continue trading for a short period to complete work in progress or sell assets as a going concern. Any trading after insolvency is known and must be handled carefully.

Key indicators include persistent cash flow problems, inability to pay debts as they fall due, creditor pressure, legal threats, and a balance sheet that shows liabilities exceeding assets. If you are unsure whether your company is insolvent, seek professional advice early to avoid wrongful trading.

The process typically takes between six and twelve months, depending on the complexity of the case. Simple cases with few assets and no disputes can be concluded faster, while those with complex asset realisation or legal issues may take longer. Your liquidator will provide an estimated timeline at the outset.

Employees are made redundant when the company enters liquidation. They may be entitled to claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to help employees make these claims.

Yes, you can start a new company, but there are restrictions. If you were a director of a company that went into insolvent liquidation, you may be subject to a disqualification order or undertaking. You should also be careful about using a 'phoenix' company to buy assets from the old company, as this can lead to personal liability.

The liquidator has a duty to investigate the conduct of directors in the period leading up to liquidation. They will examine the company's books and records, look for evidence of wrongful trading, fraudulent activity, or misfeasance. If they find issues, they can take legal action against directors to recover money for creditors.

Yes, alternatives include a company voluntary arrangement (CVA), administration, or informal restructuring with creditors. A CVA allows you to repay debts over time while continuing to trade. Administration provides a moratorium from creditors while a plan is developed. Always explore these options with a licensed professional before choosing liquidation.