Professional Company LiquidatorsServing Cononley Businesses

The cost varies based on the complexity of your company's affairs, the number of creditors, and the time required to realise assets. Typically, fees are taken from the company's assets, but if there are insufficient assets, creditors or directors may need to contribute. Always request a clear fee structure before engaging.

Any limited company that is insolvent, meaning it cannot pay its debts as they fall due, is eligible for creditors' voluntary liquidation. If the company is solvent but you wish to close it, a members' voluntary liquidation may be appropriate. A licensed insolvency practitioner will assess your financial position and confirm eligibility.

The process begins with an assessment of your finances. If liquidation is agreed, a meeting of shareholders is held to pass a resolution, and a licensed insolvency practitioner is appointed as liquidator. The liquidator then takes control of assets, notifies creditors, and distributes any proceeds according to legal priority.

A straightforward creditors' voluntary liquidation may conclude within six to nine months, but complex cases with disputed claims or difficult asset sales can take longer. The liquidator must finalise all matters, including investigations into director conduct, before the company is formally dissolved.

Yes, alternatives include a company voluntary arrangement to repay debts over time, administration to rescue the business as a going concern, or informal negotiations with creditors. Each option has different implications for directors and creditors, so it is essential to obtain professional advice before choosing a route.

Employees are made redundant once the liquidator is appointed. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund, subject to statutory limits. The liquidator provides each employee with the necessary forms and guidance on making claims.

No, once a compulsory or creditors' voluntary liquidation begins, directors lose control and cannot continue trading. The liquidator takes over all responsibilities. However, if you wish to start a new business, you may do so, but you must not use a similar name that could mislead creditors, unless certain conditions are met.

Directors are not personally liable for company debts unless they have given personal guarantees or acted wrongfully. However, if misconduct is found, they could face disqualification or personal liability. A licensed insolvency practitioner investigates director conduct and reports any issues to the relevant authorities.

In most cases, no court attendance is required for a creditors' voluntary liquidation, as it is initiated by shareholder resolution. However, if a creditor petitions for compulsory liquidation, a court hearing will be necessary. Your insolvency practitioner will advise you on the specific procedures applicable to your situation.

Yes, you can liquidate a company with no assets, but the liquidator's fees must be covered. If there are no assets, the director may need to fund the process personally, or creditors may agree to a different arrangement. In some cases, a striking-off procedure might be a cheaper alternative if the company has no debts.