Professional Company Liquidators inGlastonbury for Business Closure

The cost of liquidation varies depending on the complexity of your company's affairs, the number of creditors, and the assets involved. Most licensed insolvency practitioners offer a fixed fee for straightforward cases, which covers statutory advertising, preparation of accounts, and the final meeting. You should request a detailed quotation before proceeding.

Creditor voluntary liquidation is available to insolvent companies where the directors believe the business cannot continue trading. The company must pass a board resolution and then a shareholder resolution to wind up. A licensed insolvency practitioner must be appointed to act as the liquidator, and a meeting of creditors is held to confirm the appointment.

The process begins with a director's assessment of solvency. If insolvent, the directors convene a board meeting and pass a resolution for voluntary liquidation. Shareholders approve the resolution, and a licensed insolvency practitioner is appointed. The liquidator then takes control of assets, notifies creditors, and distributes proceeds according to legal priority.

The timeline for a simple creditor voluntary liquidation is often around six to nine months from the date of appointment. This period allows the liquidator to realise assets, investigate the company's affairs, and finalise claims from creditors. More complex cases involving litigation or substantial asset realisation may take considerably longer to conclude.

Yes, several alternatives exist depending on your circumstances. A company voluntary arrangement allows you to repay debts over a period while continuing to trade. Administration provides a moratorium from creditors while a restructuring is attempted. For viable businesses, a sale of the company's shares or assets as a going concern may preserve value and jobs.

The licensed insolvency practitioner acts as the liquidator and takes control of the company's affairs. Their duties include realising assets, investigating the directors' conduct, agreeing claims from creditors, and distributing any surplus funds. They must ensure compliance with all statutory requirements and report to creditors and the relevant regulatory body throughout the process.

Generally, no. Limited liability protects directors from personal responsibility for company debts. However, personal liability can arise if you have given personal guarantees to lenders or suppliers, or if the liquidator finds evidence of wrongful trading, fraudulent activity, or misfeasance. Your conduct as a director will be investigated as part of the process.

Yes, but with strict limitations. Directors can continue trading to fulfil existing orders or to preserve asset value, but they must not incur new credit that the company cannot repay. Trading while insolvent and creating further debt can lead to personal liability for wrongful trading. Professional advice should be sought immediately to guide this period.

Employees are automatically dismissed when a liquidation order is made or a liquidator is appointed. The liquidator becomes responsible for settling employee claims for unpaid wages, holiday pay, and redundancy pay. These claims are preferential and are paid from company assets or through the national insurance fund, subject to statutory limits.

You should bring a full list of company assets and liabilities, details of any secured creditors, recent management accounts, and a schedule of any outstanding contracts. You should also provide information about any assets that may be subject to personal guarantees. A licensed insolvency practitioner will guide you through the specific documentation required for your case.