Professional Company LiquidatorsServing Enfield Businesses

A company liquidator is a licensed insolvency practitioner who takes control of the company, realises its assets, settles creditor claims, and formally closes the business. They also investigate the directors' conduct and report to creditors and the relevant authorities.

The cost varies depending on the complexity of the case, the size of the company, and the number of creditors. Creditors' voluntary liquidation (CVL) is often funded from the company's assets, but you may need to consider director-funded options if assets are insufficient.

Any limited company that is insolvent, meaning it cannot pay its debts as they fall due, may enter liquidation. Directors can propose a creditors' voluntary liquidation, or a creditor can petition the court for a compulsory liquidation. Eligibility depends on the specific circumstances.

The process typically involves a board meeting to pass a resolution, then a meeting of creditors to confirm the appointment of the liquidator. The liquidator then takes control, realises assets, distributes proceeds, and finally applies to dissolve the company.

A straightforward creditors' voluntary liquidation may be completed within six to nine months, but complex cases with significant asset realisation or legal issues can take longer. The liquidator will provide a timeline after the initial assessment.

Alternatives include a company voluntary arrangement (CVA), administration, or a formal restructuring plan. In some cases, a simple strike-off or dissolution may be possible if the company has no assets or debts. Professional advice is essential to determine the best route.

No, once a liquidator is appointed, they take over control of the company and the directors' powers cease. Trading may continue only with the liquidator's permission and usually only for the purpose of realising assets or completing contracts.

Employees are made redundant immediately upon the liquidator's appointment. They may be entitled to claim statutory redundancy payments, unpaid wages, and holiday pay from the National Insurance Fund, which the liquidator will assist with.

Generally, no, as limited liability protects directors from personal responsibility for company debts. However, personal liability can arise if you have given personal guarantees, acted wrongfully, or traded while insolvent without proper consideration.

Choose a licensed insolvency practitioner who is regulated by a recognised professional body. Look for someone with experience in your industry, transparent fees, and a clear communication style. You can connect with a specialist listed on AccountingFirms to get started.