Professional Company LiquidatorsServing Crowthorne Businesses

A licensed insolvency practitioner takes control of the company, sells its assets, settles creditor claims, and distributes any remaining funds. They also investigate director conduct and ensure the company is formally dissolved, providing a clean exit for directors.

Costs vary depending on the size of the company, the number of creditors, and the complexity of the asset sale. Most practitioners offer a fixed fee for straightforward cases, but you should request a detailed quote before engaging any professional.

Creditors' voluntary liquidation is available to insolvent companies where directors believe the company cannot pay its debts. A majority of shareholders must pass a resolution, and then creditors meet to approve the appointment of the liquidator.

A typical creditors' voluntary liquidation may take between six and twelve months, depending on the complexity of the case. Asset realisation and creditor claims can extend the timeline, but straightforward cases often conclude more quickly.

Once liquidation begins, directors lose control and the liquidator takes over. Trading generally stops, except for limited activities that help preserve value or complete contracts. The liquidator decides whether any continued trading is beneficial to creditors.

Liquidation ends the company's existence, while administration aims to rescue the business as a going concern. Administration provides a moratorium against creditor action, allowing time to restructure or sell the business, whereas liquidation is final.

Yes, alternatives include company voluntary arrangements (CVAs), administration, or informal restructuring. A licensed practitioner can assess your specific situation and advise whether a formal insolvency procedure is necessary or if a rescue plan is viable.

Directors must act in the interests of creditors once insolvency is likely. They must avoid wrongful trading, not make preferential payments, and provide accurate financial information. Breaching these duties can lead to personal liability or disqualification.

Employees are made redundant when liquidation begins. They may claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator provides necessary documentation for employees to make these claims.

Look for a licensed insolvency practitioner with experience in your industry and a clear fee structure. Check their professional accreditations and ask for references. A good liquidator will explain the process transparently and support you throughout.