Professional Company LiquidatorsServing Great Missenden

The cost of a creditors' voluntary liquidation typically ranges from £3,000 to £7,000 plus VAT, depending on the complexity of your company's affairs. This fee covers the liquidator's work, statutory advertising, and the final meeting of creditors. You should always ask for a fixed fee quote before engaging any practitioner.

Compulsory liquidation is forced by a court order, usually after a creditor presents a winding-up petition. Voluntary liquidation is initiated by the directors and shareholders. Creditors' voluntary liquidation (CVL) is the most common type for an insolvent company and is a more controlled, less adversarial process.

Once you know the company is insolvent, you must act in the interests of creditors. Continuing to trade can lead to personal liability for wrongful trading if the company takes on more debt without a reasonable prospect of recovery. Seek professional advice immediately to avoid this risk.

Employees are made redundant when a liquidator is appointed. They may be entitled to claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary forms and guidance, but employees should act promptly to submit their claims.

If you have not given personal guarantees, you are generally not personally liable for company debts. However, if you have acted wrongfully or fraudulently, or if you have taken money out of the company improperly, you could be held personally responsible. A licensed insolvency practitioner can assess your specific situation.

The initial meeting of creditors typically takes place within two to three weeks of the liquidator being instructed. The liquidation itself can last from several months to a few years, depending on the complexity of realising assets and investigating the company's affairs. Most straightforward cases conclude within six to twelve months.

Yes, a creditors' voluntary liquidation is a non-court process that starts with the shareholders passing a resolution to wind up the company. The directors then convene a meeting of creditors to confirm the appointment of the liquidator. This is the most common route for insolvent companies.

Alternatives include a company voluntary arrangement (CVA), which is a formal agreement with creditors to pay debts over time, or administration, which aims to rescue the business as a going concern. Informal arrangements with creditors may also be possible. The best option depends on your company's specific circumstances.

Yes, you can still use a liquidator even if the company has no assets. This is sometimes called a 'no-asset liquidation'. The liquidator will still need to investigate the company's affairs and report to creditors, but the costs may be covered by the director or through the redundancy payments scheme if there are employees.

You will need to provide the company's statutory books, financial records, bank statements, tax returns, and details of all assets and liabilities. The liquidator will also ask for a statement of affairs, which lists what the company owns and owes. Full and accurate disclosure is essential for a smooth process.