Professional Company LiquidatorsServing Haslemere Businesses

A liquidator is appointed to wind up a company's affairs, selling assets and distributing funds to creditors before the company is dissolved. An administrator is appointed to rescue a company as a going concern, often through a restructuring or sale. The choice depends on whether the business can be saved or whether closure is inevitable.

The cost of a Creditors' Voluntary Liquidation (CVL) typically ranges from £4,000 to £8,000 plus VAT, depending on the complexity of the case. The liquidator's fee is paid from company assets, not from your personal funds. Always obtain a clear written quote before appointing a liquidator.

Yes, it is possible to liquidate a company with no assets, but the process may require a director to fund the liquidator's fees if there are insufficient assets to cover costs. In some cases, a company can be struck off the register if it has no assets and no liabilities, but this is not suitable for insolvent companies.

The process begins with a meeting of directors to pass a resolution for liquidation. A licensed insolvency practitioner is then appointed as liquidator. They will convene a meeting of creditors to approve the liquidation, after which they take control of the company's assets and manage the distribution to creditors.

A Creditors' Voluntary Liquidation typically takes between 6 and 12 months to complete, depending on the complexity of the case, the number of creditors, and the time required to sell assets. Simpler cases may conclude more quickly, whilst those with complex legal issues can take longer.

Alternatives include a Company Voluntary Arrangement (CVA) to repay debts over time, administration to rescue the business as a going concern, or informal negotiations with creditors. A licensed insolvency practitioner can assess which option is most suitable based on your company's financial position and prospects.

Directors are generally not personally liable for company debts, but they can be held liable if they have acted wrongfully, such as trading while insolvent, breaching fiduciary duties, or misusing company assets. Personal guarantees given by directors for business loans or leases also create personal liability.

When a company enters liquidation, employees are made redundant. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund, which is administered by the Insolvency Service. The liquidator will provide the necessary documentation to support these claims.

No, for a Creditors' Voluntary Liquidation, there is no court hearing. The process is initiated by a shareholder resolution and a meeting of creditors, which is usually held virtually or by proxy. However, a court hearing may be required for a compulsory liquidation, which is a court-ordered process.

You will need to provide the company's financial records, including balance sheets, profit and loss statements, tax returns, bank statements, and details of assets and liabilities. You should also provide a list of creditors and any relevant contracts or leases. The liquidator will use this information to assess the company's position.