Company Liquidators in Heathrowfor Business Closure

A company liquidator is a licensed insolvency practitioner who takes control of the company, realises its assets, settles debts with creditors, and formally closes the business. They ensure the process complies with all legal requirements and distribute any remaining funds to shareholders.

The cost varies depending on the size and complexity of the company, but typical fees range from £4,000 to £8,000 plus VAT. You should obtain a fixed-fee quote before appointing a liquidator to avoid unexpected charges.

A director, shareholder, or creditor can appoint a liquidator. In most cases, directors pass a resolution to wind up the company voluntarily, but creditors may also force a compulsory liquidation through a court order if debts remain unpaid.

A simple voluntary liquidation can complete in six to twelve months, depending on the complexity of asset sales and creditor claims. More complex cases may take longer, especially if there are legal disputes or investigations.

Once liquidation begins, directors lose control of the company, and trading must cease immediately. Continuing to trade could lead to personal liability for debts incurred after the liquidation date.

Alternatives include company voluntary arrangements (CVAs), administration, or informal negotiations with creditors. A licensed insolvency practitioner can assess your financial position and recommend the most suitable rescue or closure procedure.

Usually no, as limited liability protects directors from personal responsibility for company debts. However, if you have given personal guarantees or acted wrongfully, you may be held liable for certain amounts.

Employees are made redundant when liquidation begins. They can claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund, but the liquidator will handle the process and provide necessary documentation.

Yes, you can liquidate an insolvent company with no assets through a creditors' voluntary liquidation, but the liquidator's fees must be funded, often by the directors or a third party. Alternatively, a striking-off may be possible if the company is not trading.

Creditors are invited to a meeting where they can vote on the appointment of the liquidator and receive reports on the company's affairs. They may also form a liquidation committee to oversee the process and approve certain actions.