Professional Company LiquidatorsServing Euxton Businesses

Costs vary depending on the complexity of your company's affairs. A simple, solvent liquidation may have a fixed fee, whereas an insolvent liquidation could involve more work and higher costs. You should request a detailed quote from a licensed practitioner who will explain all fees before you commit.

Eligibility depends on your company's solvency status. If your company cannot pay its debts as they fall due, it is insolvent and may require a Creditors' Voluntary Liquidation. If it can pay all debts in full, a Members' Voluntary Liquidation is possible. A practitioner can assess your financial position.

The process begins with a meeting of directors to pass a resolution. For an insolvent liquidation, you must convene a meeting of creditors and provide a statement of affairs. A licensed insolvency practitioner is then formally appointed to act as the liquidator and take control of the company's assets.

A straightforward Members' Voluntary Liquidation might conclude within six to nine months. A Creditors' Voluntary Liquidation can take longer, often between twelve and eighteen months, depending on the complexity of realising assets and investigating the company's affairs before final distribution to creditors.

Yes, alternatives include a Company Voluntary Arrangement, which allows you to repay debts over a period, or administration, which may rescue the business as a going concern. Informal arrangements with creditors might also be possible. Your chosen practitioner will explain which option is viable based on your specific circumstances.

A liquidator's primary duty is to act in the interests of all creditors. They must realise company assets, investigate the directors' conduct, and distribute funds in the statutory order. They also have a duty to report any suspected wrongful trading or fraudulent activity to the relevant authorities.

Once liquidation commences, the liquidator takes control of the company. Directors no longer have the authority to trade or deal with assets. The liquidator may continue trading for a short period to sell stock or complete contracts, but only if this benefits the creditors.

Employees are usually made redundant when a company enters liquidation. They become preferential creditors for certain claims, such as unpaid wages and holiday pay. The liquidator will handle the necessary paperwork and guide employees on how to claim any money owed to them from the relevant insolvency fund.

You must provide the liquidator with all company books and records, including financial statements, bank statements, and details of all assets and liabilities. You will also need to prepare a statement of affairs, which lists what the company owns and owes, and explain any significant transactions from the past few years.

Generally, no. Limited liability protects directors from personal responsibility for company debts. However, personal liability can arise if you have given a personal guarantee, or if you have acted wrongfully, fraudulently, or traded while knowingly insolvent. A practitioner will advise you on any potential exposure.