Company Liquidators in Farnhamfor Farnham

A company liquidator is a licensed insolvency professional who manages the winding-up of a company. They take control of assets, sell them, distribute the proceeds to creditors, and investigate the directors' conduct. They also ensure that all legal requirements are met and the company is formally dissolved.

The cost varies depending on the size and complexity of the company. Typically, fees are based on an hourly rate or a fixed fee agreed in advance. For a straightforward creditor's voluntary liquidation, costs may start from around £4,000 plus VAT, but always obtain a written quote before proceeding.

Creditors' voluntary liquidation is initiated by the directors when the company is insolvent. Compulsory liquidation is a court order obtained by a creditor. The former is more common and allows directors to choose the liquidator, whereas the latter is forced and often results in an official receiver being appointed.

The duration depends on the complexity of the company's affairs. A simple liquidation may be completed within six to twelve months, but more complex cases can take several years. The liquidator must file a final report to creditors, and the company is usually dissolved shortly after that.

Yes, you can. If the company has no assets, a liquidator may still be appointed, but they will need to be paid for their work. In some cases, directors may need to fund the liquidation personally or use the company's remaining funds to cover the costs. An insolvency practitioner can advise on the best approach.

Employees are made redundant when the company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide them with the necessary forms and information to make these claims.

No, once liquidation begins, the company must cease trading. The liquidator takes control of the company's affairs, and any trading after the appointment is not allowed. If you wish to continue operating, you may need to consider an alternative such as a company voluntary arrangement or administration.

Directors can be held personally liable for debts if they have acted wrongfully, such as trading while insolvent, misusing company funds, or failing to keep proper records. The liquidator has a duty to investigate and may seek a court order for compensation or disqualification.

Yes, alternatives include a company voluntary arrangement (CVA), administration, or informal arrangements with creditors. These options may allow the company to continue trading or achieve a better return for creditors. An insolvency practitioner can assess your situation and recommend the most suitable solution.

You should choose a licensed insolvency practitioner who is experienced in your industry and has a good reputation. Ask for recommendations, check their credentials, and obtain quotes from several firms. It is important to feel confident that they will act in the best interests of all parties.