Expert Company LiquidatorsServing Denver Businesses

The cost of liquidation varies depending on the complexity of your company's affairs. Typically, fees range from £1,500 to £5,000 for a straightforward creditors' voluntary liquidation. Your chosen insolvency practitioner will provide a fixed fee quote after an initial assessment. Always ask for a breakdown of costs to avoid surprises.

Any limited company that is insolvent, meaning it cannot pay its debts when they fall due, may be eligible for creditors' voluntary liquidation. Solvent companies can also opt for members' voluntary liquidation if they wish to close while still able to pay all debts. A licensed practitioner will confirm your eligibility based on your financial position.

The process typically takes between 6 to 12 months from the date of liquidation to final closure. The initial meeting of creditors usually occurs within a few weeks of instruction. The practitioner then realises assets, investigates affairs, and distributes funds. Finally, the company is dissolved and removed from the register.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to restructure the business, or informal arrangements with creditors. For solvent companies, striking off is a cheaper option if the company has not traded recently. A professional can advise which route is best for your circumstances.

Yes, you can liquidate an insolvent company with no assets. In such cases, the director may need to fund the liquidation costs personally, as there are no company funds to cover fees. The insolvency practitioner will still conduct a thorough investigation into the company's affairs and report to creditors.

An insolvency practitioner is a licensed professional who manages the liquidation process. Their duties include realising assets, investigating the company's affairs, agreeing claims with creditors, and distributing any available funds. They also ensure compliance with legal requirements and report to the relevant authorities. They act in the interests of creditors while being fair to directors.

Generally, no. A limited company is a separate legal entity, so directors are not personally liable for its debts. However, personal liability may arise if you have given personal guarantees, traded wrongfully, or misused company funds. The insolvency practitioner will investigate such matters and may take action if misconduct is found.

To start the process, you should contact a licensed insolvency practitioner for a confidential consultation. They will assess your financial situation and recommend the appropriate type of liquidation. If you choose to proceed, they will convene a meeting of shareholders to pass a resolution for voluntary liquidation, followed by a meeting of creditors.

Employees are made redundant when a company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The insolvency practitioner will provide them with the necessary forms and information. Employees who have been employed for at least two years may receive statutory redundancy payments.

Trading while insolvent can lead to wrongful trading claims against directors. If you continue to incur debts when you know the company cannot pay them, you may be held personally liable for those debts. It is crucial to seek professional advice as soon as you suspect insolvency to avoid personal risk.