Professional Company LiquidatorsServing Greenford Businesses

The cost of a Creditors' Voluntary Liquidation can vary based on company complexity and asset structure. Fees are often taken from the company's assets, but a licensed insolvency practitioner will provide a clear fee quote before you commit. This ensures you understand all costs involved before the process begins.

Your company is insolvent if it cannot pay its debts as they fall due, its liabilities exceed its assets, or both. A licensed professional can assess your cash flow and balance sheet to confirm the position. They will also advise on the appropriate course of action based on your specific circumstances.

The process begins with a meeting of directors to pass a resolution for liquidation. Shareholders then vote to approve the winding-up and appoint a licensed insolvency practitioner as liquidator. The liquidator takes control of the company's affairs, realises assets, and distributes funds to creditors according to legal priority.

The duration of a liquidation depends on the company's complexity. A straightforward case with few assets and creditors may conclude within six months. More complex cases involving asset sales or legal disputes can take considerably longer. Your liquidator will provide a realistic timeline after their initial review.

You cannot keep company assets for yourself after liquidation, as they belong to the company and are used to repay creditors. However, you may be able to buy back certain assets at a fair market value with the agreement of the liquidator. This is subject to strict rules to ensure fair treatment of creditors.

Employees are made redundant when a company enters liquidation. The liquidator will assist them in claiming statutory redundancy pay and other entitlements from the National Insurance Fund. The liquidator also ensures that employee claims are correctly submitted and prioritised in the distribution to creditors.

Administration is a rescue procedure aimed at saving the company as a going concern, while liquidation is the process of winding up the company's affairs and dissolving it. Administration provides a moratorium from creditor action, allowing time for restructuring. Liquidation is the final step when rescue is not viable.

Yes, alternatives include a Company Voluntary Arrangement to repay debts over time, or formal restructuring through administration. A licensed insolvency practitioner can explain these options and help you decide which is most suitable. The right choice depends on your company's viability and the level of creditor support.

You must cooperate fully with the liquidator, providing all books, records, and information about the company's affairs. You must also attend meetings and answer questions truthfully. Failure to cooperate can result in personal liability or disqualification from acting as a director in the future.

Directors are generally not personally liable for company debts if they have acted properly. However, liability can arise if you have traded wrongfully, misused funds, or given personal guarantees. The liquidator will investigate your conduct and may pursue claims if there is evidence of wrongful or fraudulent trading.