Professional Company Liquidatorsfor Farnham Surrey

The cost varies depending on the complexity of the case, the size of the company, and the amount of work required. A licensed insolvency practitioner will provide a fixed fee quote after assessing your situation. You should always ask for a clear breakdown of charges before you agree to proceed.

Your company is insolvent if it cannot pay its debts as they fall due, its liabilities exceed its assets, or a statutory demand has been served. A licensed professional can review your accounts and cash flow to confirm whether liquidation is the appropriate course of action.

The process begins with a board meeting where directors resolve to wind up the company. Then, shareholders pass a special resolution and creditors are invited to a meeting where they vote on the appointment of a liquidator. The entire process is documented and regulated.

A straightforward creditors' voluntary liquidation can conclude within six to nine months, but complex cases with asset realisation or legal disputes can take several years. The liquidator's primary aim is to realise assets, investigate conduct, and distribute funds to creditors efficiently.

Yes, alternatives include a company voluntary arrangement, administration, or informal restructuring with creditors. Each option has different implications for your business and your personal position. An insolvency practitioner can explain which route is most suitable based on your specific financial circumstances.

Directors may face investigation into their conduct and could be disqualified from acting as a director for up to fifteen years. They might also be personally liable for wrongful trading if they continued to trade whilst insolvent. However, most directors act honestly and are not penalised.

You must not continue trading if the company is insolvent, as this could constitute wrongful trading. Once you decide to liquidate, you should cease taking on new credit and stop trading immediately. Your insolvency practitioner will advise you on the exact point at which you must stop.

All employees are made redundant when the company enters liquidation. They may be able to claim certain payments from the National Insurance Fund, including redundancy pay, arrears of wages, and holiday pay. The liquidator provides the necessary documentation to support these claims.

You are required to attend the creditors' meeting unless you have a valid reason for absence. However, in many cases, the meeting can be held virtually or by proxy. Your insolvency practitioner will confirm the arrangements and ensure you understand your obligations.

You must provide all company books and records, including financial statements, bank statements, contracts, and details of assets and liabilities. You also need to prepare a statement of affairs which lists everything the company owes and owns. Failure to cooperate can result in penalties.