Professional Company LiquidatorsServing Haslingden Businesses

A licensed insolvency practitioner takes control of the company, realises assets, investigates director conduct, and distributes proceeds to creditors in the statutory order. They also handle legal filings and notify Companies House and HMRC, ensuring the company is dissolved properly.

Fees vary based on complexity and asset value. Typically, a Creditors' Voluntary Liquidation costs between £4,000 and £8,000, plus disbursements. Always request a fixed fee quote in writing before instructing a practitioner. Some firms offer staged payments, but fees must be agreed upfront.

A Creditors' Voluntary Liquidation (CVL) is initiated by directors when the company is insolvent. Compulsory liquidation is a court order, usually petitioned by a creditor. A CVL gives directors more control and is generally less adversarial, whereas compulsory liquidation involves court hearings and potential investigation.

Yes, but you may need to fund the liquidation costs personally. If there are no assets to cover fees, directors sometimes arrange a director-funded CVL. Alternatively, if the company has no assets and no significant debts, a strike-off may be a cheaper option, but it does not relieve directors of liabilities.

The initial meeting of creditors typically occurs within two to four weeks of instruction. The liquidation itself usually completes within six to twelve months, depending on asset realisation and any investigations. The final dissolution of the company occurs after the liquidator files final accounts with Companies House.

Alternatives include a Company Voluntary Arrangement (CVA) to repay debts over time, administration to protect the business from creditors while restructuring, or a simple strike-off if the company is solvent. Each option has distinct legal implications, so professional advice is essential before choosing a route.

Generally, no, unless you have given personal guarantees or have acted wrongfully. If you have traded while insolvent and knew the company could not pay its debts, you could face personal liability for wrongful trading. A liquidator may also pursue recovery of director loans or preferential payments.

You will need to provide financial records, including balance sheets, profit and loss accounts, bank statements, debtor and creditor lists, and details of any assets. You must also disclose any transactions with connected parties. Full disclosure is critical to avoid allegations of misconduct.

Yes, liquidators have a statutory duty to investigate director conduct. They will review the company's affairs and may report to the Insolvency Service if they find evidence of unfit conduct, such as trading while insolvent or failing to keep proper records. This can lead to disqualification proceedings.

Employees are automatically made redundant when a company enters liquidation. They can claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund, subject to statutory limits. The liquidator provides them with the necessary forms and guidance on making claims.