Professional Company LiquidatorsServing High Wycombe

A licensed insolvency practitioner takes control of the company, realises its assets, investigates its affairs, and distributes the proceeds to creditors in the correct statutory order. They also handle all necessary legal filings and work to close the company formally, ensuring the process is completed correctly and efficiently.

The cost varies depending on the complexity of the case, the size of the company, and the amount of work involved. Creditors' voluntary liquidation fees are often paid from company assets, whilst a director may need to fund a members' voluntary liquidation. Always obtain a clear written quote before proceeding.

Yes, directors can call a board meeting and pass a resolution to wind up the company voluntarily. This leads to a creditors' voluntary liquidation if the company is insolvent. Shareholder approval is also required, and a licensed insolvency practitioner must be appointed to act as the liquidator.

A creditors' voluntary liquidation (CVL) is used when a company cannot pay its debts. A members' voluntary liquidation (MVL) is used when a company is solvent but the directors wish to close it down. The processes differ in terms of declarations, creditor involvement, and the final outcome.

The process typically takes between six and twelve months for a straightforward case, but it can take longer if there are complex assets, legal disputes, or investigations to complete. The liquidator will provide an estimated timescale based on your specific circumstances and keep you informed throughout.

The liquidator takes control of all company assets, including property, equipment, stock, and intellectual property. They will arrange for assets to be valued and then sold to raise funds for creditors. The proceeds are distributed according to the statutory hierarchy of preferential, secured, and unsecured creditors.

Yes, alternatives include a company voluntary arrangement (CVA) to restructure debts, administration to give breathing space, or informal negotiations with creditors. Each option has different implications for the business and its directors, so it is essential to take professional advice before choosing a route.

Directors must cooperate fully with the liquidator, provide all relevant books and records, and disclose any transactions that may be scrutinised. They also have a duty to avoid wrongful trading and must not prefer certain creditors over others. Failure to comply can lead to personal liability or disqualification.

Yes, you can generally start a new business after liquidation, but there are restrictions if you have been disqualified as a director. You may also face challenges obtaining credit or opening a bank account. It is advisable to seek professional guidance on your specific position before doing so.

You will need to provide up-to-date financial statements, a schedule of assets and liabilities, details of any debts owed to or by the company, and information about any recent transactions. The liquidator will also require access to accounting records and may ask for explanations regarding the company's financial history.