Professional Company LiquidatorsServing East Hoathly

The cost varies depending on the complexity of the company's affairs, the number of creditors, and the work involved in realising assets. Most licensed insolvency practitioners provide a fixed fee quotation after an initial review. This fee is paid from company assets, and any shortfall is usually covered by the director or a connected party.

A straightforward creditors' voluntary liquidation typically completes within six to twelve months. The process begins with a meeting of shareholders and creditors, followed by the liquidator's appointment. The liquidator then realises assets, investigates the company's affairs, and distributes funds to creditors before submitting final reports to Companies House.

Yes, you can liquidate an insolvent company with no assets. This is often called a 'no asset liquidation' and is common when the company has no property, stock, or cash to distribute. Creditors are notified of the situation, and the liquidator will investigate the directors' conduct and the company's records before closing the file.

Voluntary liquidation is initiated by the company's directors or shareholders, who pass a resolution to wind up the business. Compulsory liquidation is ordered by a court, usually following a creditor's petition. Voluntary liquidation gives directors more control over the process and the choice of liquidator, whereas compulsory liquidation removes that control entirely.

Generally, no. Once the liquidation is complete, the company is dissolved and debts are written off. However, personal liability can arise if you have given a personal guarantee, acted fraudulently, or traded while knowingly insolvent. A licensed insolvency practitioner will assess your situation and advise on any potential exposure before you proceed.

No, a director cannot act alone. Shareholders must pass a special resolution to wind up the company voluntarily. In practice, this requires a majority of 75 percent of voting shares. If you are the sole shareholder and director, you can make the decision yourself, but you must still follow the correct statutory procedures and hold the required meetings.

Alternatives include a company voluntary arrangement, which is a formal agreement to pay creditors over time, or administration, which aims to rescue the business as a going concern. Informal arrangements with creditors are also possible but offer less protection. A licensed professional can explain the merits of each option based on your specific circumstances and long-term objectives.

When a company has no assets, the liquidator's fees must be funded by the directors or a third party. This is often done through a personal contribution or a loan to the company. The liquidator will provide a fee estimate before accepting the appointment, and the work will not commence until the funding is in place.

You will need to provide the company's statutory books, including registers of members and directors, along with financial records such as bank statements, ledgers, and tax returns. You should also supply details of all assets and liabilities, including any loans from directors or connected parties. A full list of creditors and any outstanding invoices is essential.

Yes, you can start a new business immediately after liquidation, provided you have not been disqualified from acting as a director. However, you may face restrictions on using the same company name or a similar name for five years. This rule is designed to prevent 'phoenix trading' and requires you to seek approval from the court or the liquidator.