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The cost varies based on the size and complexity of the company, but most liquidators charge a fixed fee for a Creditors' Voluntary Liquidation, which can range from a few thousand pounds. You should always obtain a written quotation before agreeing to any work.

Any director of a company that is insolvent, meaning it cannot pay its debts as they fall due, can propose a Creditors' Voluntary Liquidation. Shareholders must pass a resolution to wind up the company, and creditors must approve the appointment at a meeting.

The initial appointment can happen within a few weeks, but the full liquidation process, including realising assets and distributing funds, typically takes between six and twelve months. Complex cases may take longer, depending on the nature of the assets and any legal issues.

You can continue trading while you are seeking advice, but you must not incur further credit that you cannot repay. Trading while insolvent could lead to personal liability for wrongful trading, so it is essential to seek professional guidance as soon as you suspect problems.

A creditors' voluntary liquidation is initiated by the directors and shareholders, whereas a compulsory liquidation is ordered by a court following a creditor's petition. In a CVL, you choose the liquidator, but in a compulsory liquidation, the Official Receiver is appointed initially.

Generally, you will not be personally liable for company debts if you have acted properly and not given personal guarantees. However, if you have signed a personal guarantee, you will still be liable. Also, if you are found guilty of wrongful trading or misfeasance, you could face personal liability.

Employees are made redundant on the date that the company enters liquidation. They can claim certain statutory entitlements, such as redundancy pay and unpaid wages, from the National Insurance Fund. The liquidator will provide them with the necessary claim forms and guidance.

Yes, there are several alternatives, including a Company Voluntary Arrangement, administration, or negotiating a time-to-pay arrangement with creditors. A licensed insolvency practitioner can assess your company's viability and recommend the most suitable course of action, which may allow the business to continue trading.

Yes, you can still appoint a liquidator even if the company has no assets. In such cases, the liquidator's fees may be paid by the directors or from funds raised by the sale of any assets. The liquidator will still investigate the company's affairs and report to creditors.

You will need to provide a detailed statement of affairs, listing all assets and liabilities, along with the company's books and records, including bank statements, tax returns, and details of any outstanding debts. The liquidator will use this information to conduct the liquidation efficiently.