Expert Company LiquidatorsServing Finchley Businesses

A licensed insolvency practitioner acts as the liquidator, taking control of the company's assets, realising their value, and distributing the proceeds to creditors in the correct order of priority. They also investigate the directors' conduct and ensure all statutory requirements are met during the closure process.

The cost of a creditors' voluntary liquidation typically ranges from £4,000 to £8,000, depending on the complexity of the company's affairs. For a solvent members' voluntary liquidation, fees are often lower. Always obtain a fixed fee quote in writing before engaging a liquidator.

A straightforward creditors' voluntary liquidation usually takes between 6 to 12 months to complete. The exact timeline depends on factors such as the number of creditors, the complexity of realising assets, and whether any legal disputes arise. A solvent liquidation may be completed more quickly.

Yes, it is possible to liquidate a company that has no assets. In such cases, the liquidator's fees may need to be funded by the directors personally or through a director's loan. Alternatively, if the company has no assets and no significant debts, a voluntary strike-off may be a cheaper option.

A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies, where debts cannot be repaid. A Members' Voluntary Liquidation (MVL) is for solvent companies, where directors make a statutory declaration of solvency. The process and implications differ significantly, so it is important to get the right advice.

Once a company enters liquidation, the liquidator takes control and the directors' powers cease. Trading may continue for a short period if the liquidator decides it is beneficial for realising assets or completing contracts, but this is at the liquidator's discretion and must be in the best interests of creditors.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to restructure the business, or simply negotiating with creditors informally. For solvent companies, striking off the register is a cheaper and quicker option, but it does not distribute assets formally.

In most cases, directors are not personally liable for company debts, as the company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, acted wrongfully, or traded while insolvent. A licensed insolvency practitioner can assess your specific situation.

You should select a practitioner who is licensed by a recognised professional body, such as the Insolvency Practitioners Association or the ICAEW. Check their experience with your type of business, ask for a fixed fee quote, and ensure they are authorised to act as a liquidator.

Employees are made redundant when the company enters liquidation. They may be entitled to claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator provides them with the necessary forms and guidance on making claims.