Professional Company LiquidatorsServing Hampton Businesses

The cost varies depending on the complexity of the company's affairs, but for a straightforward Creditors' Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT and disbursements. This is often covered by company assets, and directors may not need to pay personally.

Once a liquidator is appointed, the process usually takes between 6 and 12 months to conclude, depending on how quickly assets can be sold and creditors' claims are resolved. More complex cases may take longer, but your liquidator will keep you informed throughout.

Yes, it is possible to liquidate a company with no assets, but the director may need to fund the liquidation costs personally if the company cannot cover them. In some cases, a director may apply for a Creditors' Voluntary Liquidation with a low-cost payment plan.

Voluntary liquidation is initiated by the company's directors or shareholders, while compulsory liquidation is ordered by a court following a creditor's petition. Voluntary liquidation is more common and gives directors more control over the process and choice of liquidator.

Yes, alternatives include a Company Voluntary Arrangement (CVA), administration, or informal restructuring. A CVA allows a company to repay debts over time while continuing to trade, whereas administration provides protection from creditors while a rescue plan is developed. Your liquidator can advise on the best route.

Employees are made redundant when a company enters liquidation. They may be entitled to claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide employees with the necessary claim forms and guidance.

Directors are generally not personally liable for company debts, but they can be if they have given personal guarantees, acted fraudulently, or engaged in wrongful trading. It's essential to seek professional advice before the company becomes insolvent to minimise personal risk.

A CVL is a formal insolvency procedure initiated by directors when a company cannot pay its debts. It involves a meeting of shareholders and creditors, who approve the appointment of a liquidator. The liquidator then realises assets and distributes proceeds to creditors.

Choose a licensed insolvency practitioner who is regulated by a recognised professional body, such as the ICAEW or ACCA. Look for someone with experience in your industry and a transparent fee structure. You can also seek recommendations from your accountant or legal advisor.

The liquidator's role is to take control of the company's assets, investigate its affairs, and distribute proceeds to creditors in the correct order of priority. They also ensure that directors have fulfilled their duties and report any misconduct to the relevant authorities.