Expert Company Liquidatorsin Epsom Surrey

Fees vary depending on the complexity of your case, the size of the company, and the amount of work involved. A licensed practitioner will provide a clear fee structure before you commit, often based on time or a fixed fee. Always request a written quote.

A creditors' voluntary liquidation is used when the company is insolvent and cannot pay its debts, whereas a members' voluntary liquidation is for a solvent company where the directors can make a statutory declaration of solvency. The latter requires the company to pay all debts within 12 months.

Yes, it is possible to place an insolvent company into liquidation even if it has no assets. However, the liquidator's fees must be funded, often by the directors or from the proceeds of any assets. In some cases, a director may apply to the court for a winding-up order.

The process typically takes between 6 and 12 months from the date of appointment to the final meeting and dissolution, but it can be longer if there are complex asset realisations or legal issues. Your liquidator will give you a timeline based on your specific circumstances.

Alternatives include a company voluntary arrangement (CVA), administration, or informal restructuring. A CVA allows you to pay debts over time, while administration gives a breathing space from creditors. A licensed insolvency practitioner can explain which option might suit your business best.

Once a liquidator is appointed, they take control of the company and you lose the power to act as a director. However, the liquidator may ask you to assist with certain tasks, such as providing information or helping to sell assets. You cannot continue trading without the liquidator's consent.

Employees are made redundant on the date the liquidation starts, unless the liquidator retains them for a short period to help with trading. They can claim certain payments from the National Insurance Fund, including redundancy pay, notice pay, and holiday pay, subject to statutory limits.

No, the liquidation process is usually a private matter between the company, its creditors, and the appointed liquidator. There is no court hearing unless you apply for a compulsory winding-up order, which is rare. The liquidator will handle all formalities and correspondence.

You must cooperate fully with the liquidator, provide all company books and records, and disclose any transactions that may be considered preferential or at an undervalue. You also have a duty to assist the liquidator in realising assets and investigating the company's affairs.

In most cases, directors are not personally liable for company debts, but you could be if you have given personal guarantees or if you have acted wrongfully, such as trading while insolvent. The liquidator can seek a court order for contribution to the company's assets in such cases.