Professional Company LiquidatorsServing East Mayfield

Fees vary depending on the size and complexity of your company's affairs. Typically, a simple creditors' voluntary liquidation costs between £4,000 and £8,000, plus VAT. The licensed practitioner will provide a fixed fee quote after an initial review of your financial position.

Your company must be insolvent, meaning it cannot pay its debts when they fall due. You must also pass a board resolution and obtain shareholder approval. A licensed insolvency practitioner will verify these conditions during the initial consultation.

The initial meeting with creditors usually occurs within two to four weeks of the decision to liquidate. The entire process, including asset realisation and final distribution, typically takes between six and twelve months, depending on the complexity of the case.

Once a compulsory liquidation order is made or a creditors' voluntary liquidation resolution is passed, trading must cease immediately. The liquidator may continue trading for a short period to sell stock or complete work in progress, but only with specific approval.

Employees are automatically dismissed when a liquidation order is made or a resolution is passed. The liquidator will assist them in claiming statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund, subject to statutory caps.

Yes, you might explore a company voluntary arrangement to repay debts over time, or a formal restructuring plan. Selling the business as a going concern can also preserve jobs and value. A licensed practitioner will assess which option suits your circumstances best.

Generally, no, unless you have signed personal guarantees or have acted wrongfully. The liquidator will investigate your conduct and may pursue claims for misfeasance or fraudulent trading if evidence suggests you acted improperly.

You should prepare your latest management accounts, a list of creditors, a schedule of assets, and details of any outstanding loans or guarantees. The liquidator will also require your company's statutory records, including registers and minutes of meetings.

The liquidator takes control of all assets, arranges for their valuation, and sells them to achieve the best possible return for creditors. You must cooperate fully and hand over all company property, including intellectual property and physical assets.

The meeting allows creditors to confirm the appointed liquidator, receive a statement of affairs, and ask questions about the company's financial history. Creditors may also appoint a liquidation committee to oversee the liquidator's actions.