Company Liquidators inFleet Street

The cost varies depending on the complexity of your company's affairs, the number of creditors, and the assets involved. Typically, fees range from a few thousand pounds to more for larger cases. A licensed insolvency practitioner will provide a fixed fee quote after an initial assessment.

A straightforward creditors' voluntary liquidation can complete in around six to twelve months. More complex cases involving asset realisation, legal disputes, or incomplete records may take longer. Your liquidator will give you a realistic timeline based on your specific circumstances.

Yes, it is possible to liquidate a company with no assets. This is often done through a creditors' voluntary liquidation where the liquidator's fees are paid from director contributions or funds already in the company. In some cases, a company may be struck off if it has no assets and no debts.

Voluntary liquidation is initiated by the directors or shareholders, whereas compulsory liquidation is ordered by a court, usually following a creditor's petition. Voluntary liquidation gives you more control and is generally less stressful. Compulsory liquidation occurs when a company cannot pay its debts and a creditor takes legal action.

If you have given a personal guarantee for a company debt, the creditor may pursue you personally, which could put your home at risk. However, if you have not given guarantees and the company is insolvent, your personal assets are generally protected. Seek advice to understand your exposure.

Yes, you can start a new company after a creditors' voluntary liquidation, unless you are disqualified as a director. However, there are restrictions on using the same or a similar company name within five years, known as the 'phoenix' rules. Always seek legal advice before doing so.

A licensed insolvency practitioner acts as a professional and impartial advisor. They are responsible for realising assets, agreeing claims, and distributing funds to creditors. They also investigate the directors' conduct and report to the relevant authorities. Their duty is to all creditors, not just the directors.

Yes, alternatives include company voluntary arrangements (CVAs), administration, or informal negotiations with creditors. A CVA allows you to pay debts over time while keeping the company trading. Administration gives a breathing space from creditor action. An insolvency practitioner can explain which option is best for your situation.

Employees are automatically made redundant when a company enters liquidation. They may be entitled to redundancy pay, notice pay, and unpaid wages, which are paid from the National Insurance Fund. The liquidator will provide them with the necessary forms and guidance on how to claim their entitlements.

Yes, a company can be liquidated even if it is still trading, provided it is insolvent. The directors must call a meeting of shareholders and creditors to approve the liquidation. The liquidator will then take control and wind down operations in an orderly manner.