Professional Company Liquidators inKempston for Business Closure

The cost varies based on company complexity, asset value, and creditor structure. A licensed insolvency practitioner will provide a fixed fee quote after an initial assessment. Fees are often paid from company assets, but if assets are insufficient, directors may need to fund the process personally.

Your company must be insolvent, meaning it cannot pay debts when they fall due, or liabilities exceed assets. A licensed practitioner will review your balance sheet and cashflow position. If the company is solvent, other options like members' voluntary liquidation may be more appropriate.

The process starts with a confidential consultation to assess your financial position. If liquidation is agreed, a creditors' meeting is convened, and a licensed insolvency practitioner is formally appointed. The liquidator then takes control of assets, notifies creditors, and begins realising value for distribution.

The timeline depends on asset realisation and creditor claims. A simple case may conclude within six to nine months, while complex cases with property or litigation can take several years. Your liquidator will provide a realistic estimate after reviewing the company's affairs.

Once a liquidator is appointed, directors lose control of the company. Trading ceases immediately except for limited actions to preserve asset value or complete contracts. The liquidator may continue trading temporarily to sell stock or wind down operations in an orderly manner.

Alternatives include a company voluntary arrangement to repay debts over time, administration to restructure, or a creditors' agreement to extend payment terms. Directors may also consider informal arrangements if creditors agree. A licensed practitioner can explain which option suits your circumstances best.

Directors must prioritise creditor interests, avoid wrongful trading, and disclose all company records. They must not withdraw funds or transfer assets at undervalue. Failure to fulfil these duties can lead to personal liability, disqualification, or even criminal prosecution.

Generally, no, if you have acted properly and not given personal guarantees. However, if you have signed personal guarantees for loans or leases, creditors can pursue you directly. Also, if wrongful trading or misfeasance is proven, a court may order personal contribution.

Employees are preferential creditors for certain claims like unpaid wages and holiday pay. The liquidator will calculate statutory entitlements and submit claims to the National Insurance Fund for redundancy pay. You must provide accurate employee records to ensure correct payment.

Yes, you can start a new company after liquidation, but restrictions apply. You may be prohibited from using a similar name for five years unless certain conditions are met. A licensed practitioner can advise on phoenix company rules and ensure compliance.