Professional Company Liquidators in Cowleyfor Business Closure Support

The cost varies based on company size, asset complexity, and creditor structure. Typically, fees range from a few thousand pounds for simple cases to more for complex ones. Always request a detailed quote from a licensed insolvency practitioner before engaging their services.

Eligibility depends on whether the company is solvent or insolvent. For solvent liquidation, the company must be able to pay debts in full within 12 months. For insolvent liquidation, the company cannot pay debts as they fall due. A licensed practitioner will assess your financial position.

The process involves a board meeting to pass a resolution, then a meeting of creditors within 14 days. A liquidator is appointed to manage the realisation of assets and distribution to creditors. The company ceases trading immediately after the resolution is passed.

The duration depends on the complexity of the case. Simple liquidations may be completed within 6 to 9 months, while those with complex asset realisation or legal disputes can take several years. Your liquidator will provide an estimated timeline based on your specific circumstances.

Once a resolution to wind up is passed, the company must cease trading immediately, except for actions to preserve asset value or complete essential contracts. Continuing to trade after this point may lead to personal liability for the director.

Alternatives include a company voluntary arrangement (CVA), administration, or informal restructuring with creditors. A CVA allows the company to repay debts over time while continuing to trade. Administration provides a moratorium from creditor action while a restructuring plan is developed.

Generally, no, unless you have given personal guarantees or have been involved in wrongful trading or fraudulent activity. The liquidator may investigate your conduct and pursue claims against you if there is evidence of misfeasance or breach of duty.

Employees are made redundant on the date of liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund, which is a government scheme. The liquidator will provide the necessary forms and guidance to employees.

Yes, directors can apply for a creditors' voluntary liquidation without creditor consent, but creditors must be notified and given the opportunity to vote on the appointment of the liquidator. Alternatively, a court may order a compulsory liquidation following a creditor's petition.

You will need to provide financial records, including accounts, bank statements, tax returns, and details of assets and liabilities. Also, provide a list of creditors and any relevant contracts or agreements. The liquidator will use this information to realise assets and distribute funds.