Professional Company LiquidatorsServing Devizes Businesses

The cost of liquidation varies depending on the complexity of your company's affairs, but you can expect a fixed fee arrangement for a standard Creditors' Voluntary Liquidation. This fee is usually paid from the company's assets. It is important to obtain a clear written quote from a licensed insolvency practitioner before proceeding.

Your company is eligible for voluntary liquidation if it is insolvent, meaning it cannot pay its debts as they fall due. You must also have the support of at least 75% of shareholders by value. If a creditor has already presented a winding-up petition, compulsory liquidation may be the only route.

The process begins with a meeting of directors to pass a resolution for voluntary liquidation. You must then convene a meeting of shareholders to formally approve the winding up and appoint a licensed insolvency practitioner as liquidator. The liquidator will take control of the company's assets and manage the distribution to creditors.

The length of the liquidation process depends on the complexity of the case. A straightforward Creditors' Voluntary Liquidation might be concluded within six to twelve months, but cases involving asset realisation, legal claims, or investigations can take longer. Your liquidator will provide a realistic timeline after reviewing your company's situation.

Yes, there are alternatives such as a Company Voluntary Arrangement (CVA), administration, or informal restructuring. A CVA allows you to repay debts over a period while continuing to trade. Administration provides a moratorium from creditors while a restructuring plan is developed. Your insolvency practitioner will explain which option is most suitable.

Employees are automatically 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 liquidator will provide each employee with the necessary forms and guidance on making a claim, ensuring they understand their rights.

Yes, you can start a new company after liquidation, but there are restrictions. If you have been a director of a company that went into insolvent liquidation, you may be subject to a disqualification order or undertaking. You should also be aware of the rules on 'phoenix' companies, which require specific disclosures to creditors.

A company liquidator is a licensed insolvency professional who takes control of the company's assets, realises them for the benefit of creditors, and investigates the conduct of directors. They also deal with claims from creditors, ensure statutory compliance, and ultimately dissolve the company. Their duty is to act in the interests of all creditors.

No, you do not need to attend court for a Creditors' Voluntary Liquidation. The process is initiated by shareholder resolutions and does not involve court proceedings. However, if your company is being wound up compulsorily by a creditor, then court attendance may be necessary, and you should seek legal advice.

You will need to provide the liquidator with the company's financial records, including bank statements, accounting records, and details of all assets and liabilities. You should also provide a list of creditors and any relevant contracts. The liquidator will require your full cooperation to fulfil their statutory duties.