Professional Company LiquidatorsServing Crediton

A company liquidator is a licensed insolvency practitioner who manages the formal closure of a company. They sell assets, settle creditor claims, investigate director conduct, and ensure the company is struck off the register. They also advise on alternatives and guide you through the legal process.

The cost varies depending on company complexity, asset value, and creditor numbers. Typically, fees range from £4,000 to £8,000 plus VAT, but some practitioners offer fixed fees. Always request a detailed quote before engaging a liquidator.

Creditor voluntary liquidation is available to insolvent companies whose directors pass a resolution that the company cannot pay its debts. A meeting of creditors is then held to confirm the appointment of a liquidator.

The entire process usually takes between six and twelve months, depending on asset realisation and creditor claims. Simpler cases may conclude sooner, while complex investigations or disputes can extend the timeline.

Alternatives include a company voluntary arrangement (CVA), administration, or formal restructuring. A CVA allows the company to continue trading while paying creditors over time. Administration provides protection from legal action while a rescue plan is attempted.

Yes, but you may need to fund the liquidator's fees personally if the company has no assets. Some practitioners offer a low-cost service for assetless companies, but you must still follow the correct legal procedure to avoid penalties.

Directors must cooperate fully with the liquidator, providing all company records, financial information, and explanations. They must also attend meetings and assist in realising assets. Failure to cooperate can lead to personal liability or disqualification.

Usually no, because limited liability protects directors. However, if you have given personal guarantees or engaged in wrongful trading, you may become personally liable. A licensed practitioner will assess your situation and advise on potential exposure.

Look for a practitioner authorised by a recognised professional body, such as the Insolvency Practitioners Association. Check their experience with your type of business and request references. A local specialist in Crediton can provide face-to-face support.

Employees are made redundant when the company ceases trading. They may claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator provides them with the necessary forms and guidance.