Expert Company LiquidatorsServing Hanham Bristol

Costs vary depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Typically, fees range from a few thousand pounds for simple cases to more for complex insolvencies. A licensed liquidator will provide a fixed fee quote after an initial free consultation.

Solvent liquidation, often called members' voluntary liquidation, is used when a company can pay its debts in full within twelve months. Insolvent liquidation, or creditors' voluntary liquidation, applies when liabilities exceed assets. The process and implications differ significantly, so professional advice is essential to choose the correct route.

The duration depends on the complexity of the case. A straightforward creditors' voluntary liquidation may complete in six to twelve months, whilst more complex cases with asset realisation or legal disputes can take several years. The liquidator will provide a realistic timeline after assessing the company's circumstances.

No. Once a liquidator is appointed, their control over the company begins immediately. The directors' powers cease, and the liquidator takes charge of realising assets, settling debts, and distributing any surplus. Trading is not permitted unless the liquidator continues it temporarily to achieve a better return for creditors.

Alternatives include a company voluntary arrangement (CVA) to restructure debts, administration to protect the business whilst seeking a buyer, or informal arrangements with creditors. For smaller companies, a pre-pack administration might allow the sale of the business as a going concern, preserving jobs and value.

Directors must cooperate fully with the liquidator, provide all relevant books and records, and disclose any transactions made in the preceding two years. They must also complete a statement of affairs detailing assets and liabilities. Failure to cooperate can result in personal liability, disqualification, or even criminal proceedings.

Generally, no, as limited liability protects directors from company debts. However, personal liability may arise if you have given personal guarantees, traded wrongfully, or misused company funds. The liquidator can pursue directors for recovery of assets if they have breached their fiduciary duties.

Yes, but the process requires funding for the liquidator's fees. If the company has no assets, directors may need to contribute funds or seek a creditor to fund the liquidation. Alternatively, a director may apply for a strike-off if the company is not trading, but this does not formally liquidate the company.

Employees are automatically made redundant when a liquidator is appointed. They may be entitled to claim redundancy pay, notice pay, and unpaid wages from the National Insurance Fund. The liquidator will provide each employee with the necessary forms to make a claim and will prioritise their statutory entitlements.

Choose a licensed insolvency practitioner who is a member of a recognised professional body such as the ICAEW or ACCA. Look for someone with experience in your industry, transparent fee structures, and a track record of successful liquidations. Speak with several practitioners to compare approaches and find a specialist you trust.