Professional Company LiquidatorsServing Keston

Fees vary based on the size and complexity of your company's affairs. Typically, a simple creditors' voluntary liquidation may cost between £4,000 and £8,000 plus VAT, but this depends on the practitioner and the work involved. Always request a fixed fee quote before engaging.

Any limited company that is insolvent or wishes to close solvently can be liquidated. For insolvent companies, directors must consider the interests of creditors. For solvent companies, a members' voluntary liquidation is available if the company can pay all debts within twelve months.

The process begins with a meeting of directors to pass a resolution for liquidation. Then, a licensed insolvency practitioner is appointed, who will convene a meeting of creditors and take control of the company's assets. The practitioner will realise assets, investigate affairs, and distribute funds to creditors.

A simple creditors' voluntary liquidation typically completes within six to twelve months, depending on the complexity of the asset realisation and any legal issues. A members' voluntary liquidation can be faster, often concluding within three to six months if no complications arise.

Yes, alternatives include company administration, a company voluntary arrangement (CVA), or informal restructuring with creditors. If the company is viable but struggling, a CVA may allow it to continue trading while repaying debts over time. A licensed practitioner can help you assess which option is best.

Yes, a company with no assets or debts can be struck off the register at Companies House, which is a cheaper and simpler process than formal liquidation. However, if the company has any assets or liabilities, formal liquidation is necessary to ensure proper distribution and legal closure.

Employees are made redundant when a company goes into liquidation. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and other statutory payments from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to employees.

No, most liquidations do not require court attendance. Creditors' voluntary liquidation is initiated by shareholder resolution and creditor approval, without court involvement. Compulsory liquidation, however, is a court process that occurs when a creditor petitions for a winding-up order.

Once liquidation begins, the liquidator takes control of the company, and trading must cease unless the liquidator agrees to continue for a limited period to maximise asset value. You cannot continue trading normally without the liquidator's permission, as this could lead to personal liability.

Directors must cooperate with the liquidator, provide all company records and financial information, and disclose any transactions that may be considered wrongful trading or preferences. Failure to comply can result in personal liability, disqualification, or even criminal prosecution.