Expert Company LiquidatorsServing East Yorkshire

A company liquidator is a licensed insolvency practitioner who manages the closure of a company. They take control of assets, settle debts with creditors, and ensure the process is conducted legally and fairly. Their role is to maximise returns to creditors and handle all necessary paperwork.

The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Typically, fees range from a few thousand pounds for simple cases to more for complex ones. You should request a fixed fee quote from a licensed practitioner.

A straightforward creditors' voluntary liquidation can take around six to twelve months to complete, depending on how quickly assets are sold and claims are resolved. More complex cases with numerous creditors or legal issues can take longer. Your liquidator will provide a timeline after assessing your situation.

Yes, if your company is solvent, you can opt for a members' voluntary liquidation. This process is used to close a company that can pay its debts in full. It involves a declaration of solvency and typically takes a few months to finalise, with the liquidator distributing any remaining assets to shareholders.

Compulsory liquidation is forced by a court order, often after a creditor petitions for winding up. Voluntary liquidation is initiated by the company's directors or shareholders. Within voluntary liquidation, there are two types: creditors' voluntary liquidation for insolvent companies and members' voluntary liquidation for solvent ones.

Yes, there are alternatives such as a company voluntary arrangement (CVA), which allows you to repay debts over time, or administration, which can provide a moratorium from creditors while a rescue plan is sought. A licensed insolvency practitioner can advise on which option is most suitable for your circumstances.

When a company goes into liquidation, employees are made redundant. 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 to make these claims and will handle any preferential claims from employees.

Yes, you can start a new company after a creditors' voluntary liquidation, but there are restrictions. You may be subject to restrictions on using the same or a similar company name for five years if the original company was insolvent. You should seek professional advice before doing so.

Directors have a duty to cooperate with the liquidator and provide all relevant information about the company's affairs. They must also avoid wrongful trading, which means continuing to trade when they know the company cannot avoid insolvency. Failure to comply can lead to personal liability or disqualification.

Choose a licensed insolvency practitioner who is authorised by a recognised professional body. Look for experience with your type of business and check their fees. You can connect with a specialist listed on AccountingFirms, which provides a directory of regulated professionals in your area.