Expert Company LiquidatorsServing Hampton Hill

Costs vary depending on the complexity of the liquidation, asset values, and creditor numbers. Typically, fees are based on time spent or a percentage of realisations. A licensed practitioner will provide a clear fee estimate before you proceed, ensuring no hidden surprises.

Any insolvent company with sufficient assets to fund the liquidation process can enter creditors' voluntary liquidation. Directors must swear a declaration of solvency or insolvency, and shareholders pass a resolution. A licensed insolvency practitioner will guide you through the eligibility criteria.

A straightforward creditors' voluntary liquidation may complete in six to nine months, whilst complex cases with disputed assets or legal claims can take longer. The process involves realising assets, agreeing creditor claims, and finalising the company's affairs.

Once liquidation begins, directors lose control, and the liquidator takes over. Trading may continue briefly if the liquidator believes it benefits creditors, but this is rare. It is essential to seek advice before filing to avoid wrongful trading allegations.

Alternatives include company voluntary arrangements, administration, or informal creditor negotiations. If the company is viable, a restructuring may save jobs and value. A licensed practitioner will assess your financial position and recommend the most appropriate solution.

Employees are made redundant once liquidation begins, unless the liquidator retains them temporarily. They may claim redundancy pay and other entitlements from the National Insurance Fund. The liquidator provides necessary documentation to support their claims.

No, most liquidations are initiated by shareholder resolution, not court proceedings. Creditors' voluntary liquidation requires a meeting of creditors, but this can be virtual. Compulsory liquidation, however, involves a court petition, often from creditors.

Yes, liquidators have a duty to investigate director conduct. If they find evidence of wrongful trading, fraudulent activity, or breach of duty, they may take legal action. However, most directors act honestly, and investigations are routine.

The liquidator realises company assets, distributes proceeds to creditors in statutory order, and investigates the company's affairs. They also handle legal claims and ensure compliance with insolvency law. Their primary duty is to creditors.

If you have given personal guarantees or engaged in wrongful trading, personal assets may be at risk. However, limited liability protects shareholders from company debts. A licensed practitioner will advise on your specific exposure.