Expert Company Liquidators inHelston for Your Business

The cost varies depending on the complexity of your company's affairs, the number of creditors, and the value of assets. A licensed insolvency practitioner will provide a fixed fee quotation after an initial assessment. Fees are often paid from company assets, but if assets are insufficient, directors may need to fund the process personally.

Eligibility is based on insolvency, meaning the company cannot pay its debts as they fall due, or its liabilities exceed its assets. A licensed practitioner will assess your financial position and confirm whether a creditors' voluntary liquidation or another formal procedure is appropriate. They will also check for any restrictions or prior insolvency history.

The process begins with a meeting of directors to pass a resolution for liquidation. Then, a statement of affairs is prepared, and a creditors' meeting is convened. The nominated insolvency practitioner is appointed as liquidator, and they take control of the company's assets, realise them, and distribute proceeds to creditors.

The duration depends on the complexity of the case. Simple liquidations with few assets and creditors may conclude within six to twelve months. More complex cases involving litigation, asset recovery, or investigations can take several years. Your liquidator will provide an estimated timeline after reviewing your company's situation.

Once a company enters liquidation, trading must cease unless the liquidator specifically authorises it to continue for a limited period to maximise asset value. Directors must not continue trading if the company is insolvent, as this could lead to personal liability for wrongful trading. Seek professional advice immediately.

Yes, alternatives include a company voluntary arrangement (CVA), administration, or informal restructuring with creditors. A CVA allows the company to repay debts over time while continuing to trade. Administration provides protection from creditors while a rescue plan is attempted. A licensed practitioner will explain which option is viable.

Employees are made redundant when the company enters liquidation, unless the liquidator retains them temporarily to assist with asset realisation. Redundancy payments, unpaid wages, and holiday pay may be claimed from the National Insurance Fund. The liquidator will provide employees with the necessary forms and guidance.

In most cases, directors are not personally liable for company debts if they have acted properly and not given personal guarantees. However, if there is evidence of wrongful trading, fraudulent activity, or misfeasance, the liquidator may pursue directors personally. Proper conduct and professional advice reduce this risk.

You will need to provide the company's financial records, including accounts, bank statements, tax returns, and details of assets and liabilities. You should also list all creditors and any outstanding contracts. The liquidator will require a statement of affairs, which you must complete under oath, detailing the company's financial position.

Directors can appoint a liquidator through a creditors' voluntary liquidation without court involvement, provided the company is insolvent. This involves passing a resolution and holding a creditors' meeting. Court involvement is only necessary for compulsory liquidation, which is typically initiated by creditors or a petition to the court.