Professional Company LiquidatorsServing Ingatestone

A licensed insolvency practitioner takes control of the company, realises assets, settles creditor claims, and distributes any remaining funds. They also investigate the directors' conduct and ensure the company is struck off the register properly.

Costs vary depending on the size and complexity of the company. Creditors' voluntary liquidation is often funded from the company's assets, while a compulsory liquidation may involve court fees. A licensed practitioner will provide a clear fee quote before you proceed.

Yes, you can. If the company has no assets, a director may apply for a strike-off, but this does not deal with debts properly. For a formal liquidation, the practitioner's fees may need to be covered by the director or a third party, so seek advice first.

A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent. A Members' Voluntary Liquidation (MVL) is for solvent companies that wish to close. The process and outcomes differ significantly, so it is essential to determine which applies to your situation.

A straightforward CVL can complete in six to twelve months, but complex cases may take longer. The practitioner must finalise accounts, sell assets, and distribute funds. The exact timeline depends on the company's circumstances and the cooperation of creditors.

Yes, but personal guarantees mean you remain personally liable for those debts. The liquidator will not discharge your obligations under guarantees. You should seek independent legal advice to understand the implications and potential negotiation options with creditors.

Employees are made redundant once the company enters liquidation. They may be entitled to claim redundancy pay and unpaid wages from the National Insurance Fund. The liquidator will provide the necessary documentation and guidance to help employees make their claims.

Yes, alternatives include administration, a company voluntary arrangement (CVA), or informal restructuring. These options may allow the business to continue trading or achieve a better return for creditors. A licensed practitioner can assess which route is most suitable for your circumstances.

Directors must cooperate fully with the liquidator, provide accurate information, and avoid any actions that could be considered wrongful trading or fraudulent behaviour. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution.

Look for a practitioner who is licensed by a recognised professional body, such as the Insolvency Practitioners Association. Check their experience with similar companies and ask for a transparent fee structure. You can also verify their status through official registers.