Company Liquidators in Felthamfor a structured, professional close

The cost depends on the size of the company and the complexity of its affairs. A licensed insolvency practitioner will provide a fixed fee quote before you commit. This fee is paid from the company's assets, or by a third party if there are no assets available.

If your company is insolvent, meaning it cannot pay its debts as they fall due, or its liabilities exceed its assets, it is eligible. A licensed professional will assess your financial position and confirm whether a creditors' voluntary liquidation is the appropriate course of action.

The process begins with a meeting of directors to pass a resolution. A licensed insolvency practitioner is then appointed. They will take control of the company's affairs, realise assets, and distribute funds to creditors. The process concludes with a final meeting of creditors.

A straightforward creditors' voluntary liquidation often completes within six to twelve months. The exact timeline depends on the complexity of the asset base and the speed with which creditors respond to correspondence. Your practitioner will provide a realistic estimate at the outset.

Yes, there are several alternatives, including a company voluntary arrangement (CVA) or administration. These options aim to rescue the business as a going concern or achieve a better return for creditors. Your practitioner will advise on which route is most suitable for your circumstances.

All employees are automatically made redundant when a liquidator is appointed. The liquidator will assist employees in making claims to the relevant government body for unpaid wages, holiday pay, and statutory redundancy payments. They will also provide the necessary documentation.

Personal assets are generally protected, provided there has been no personal guarantee given for company debt. However, the liquidator will investigate the disposal of any assets transferred out of the company prior to liquidation. You should seek professional advice if you have concerns.

Your primary role is to cooperate fully with the liquidator. You must provide all company records, accounts, and information as requested. You will also need to complete a director's questionnaire, which helps the liquidator understand the company's affairs and history.

The liquidator is required to prepare a report on the conduct of all directors. This report is submitted to the relevant authority. It will detail any actions that may have contributed to the company's insolvency, such as trading while insolvent or failing to maintain proper records.

If you have given a personal guarantee, the lender can pursue you for the outstanding debt after the liquidation has concluded. You may need to negotiate a settlement or consider a personal insolvency solution. Professional advice is essential to manage this risk.