Professional Company Liquidators inHungerford for Your Business

A liquidator winds up the company, selling assets to pay creditors and then dissolving the entity. An administrator is appointed to rescue the business as a going concern, often through a restructuring. Your choice depends on whether the company can be saved or if closure is the only viable option.

Costs vary based on the complexity of your case, asset realisations, and creditor structure. Typically, fees range from £3,000 to £7,000 plus VAT for a straightforward creditor voluntary liquidation. Always obtain a fixed-fee quote before engaging a professional to avoid unexpected charges.

Yes, you can. If the company has no assets and cannot pay its debts, a creditor voluntary liquidation is still possible. The liquidator's fees must be funded by the directors or a third party, as there are no assets to cover costs. This is often called a 'no-asset liquidation'.

The initial meeting of creditors typically occurs within two to four weeks of instructing a liquidator. The liquidation itself may last several months to a year, depending on asset sales and legal complexities. Final dissolution of the company occurs after the liquidator files final accounts.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to rescue the business, or informal negotiations with creditors. For solvent companies, a members' voluntary liquidation is a cost-effective way to close. A licensed professional can help you assess which route suits your situation.

Generally, no. A limited company is a separate legal entity, so its debts are not your personal responsibility unless you have given personal guarantees or acted wrongfully. However, if you have traded while insolvent or misused funds, the liquidator may seek a contribution from you.

Yes, if you continued to trade when you knew the company could not avoid insolvency, the liquidator can apply to the court for a contribution towards creditor losses. To avoid this, you must seek professional advice as soon as financial difficulties arise and act in the interests of creditors.

Employees are made redundant when a liquidator is appointed. They may claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator provides them with the necessary claim forms. You should inform employees promptly and follow legal procedures to avoid claims for unfair dismissal.

Yes, you can. You can call a meeting of shareholders to pass a resolution for voluntary liquidation, then appoint a licensed insolvency practitioner as liquidator. The process is straightforward, but you must still comply with all legal requirements, including notifying creditors and filing the appropriate forms with Companies House.

No, you do not need to attend court. A creditor must petition the court for a compulsory liquidation order, and a hearing will be held. You can be represented by a solicitor or insolvency practitioner. The court will decide whether to wind up the company based on evidence of insolvency.