Company Liquidators in KingstonUpon Hull – Expert Guidance

The cost of a Creditors' Voluntary Liquidation (CVL) typically ranges from £4,000 to £8,000 plus VAT, depending on the complexity of the company's affairs. This fee covers the liquidator's work, statutory advertising, and disbursements. Always request a fixed-fee quote before proceeding to avoid unexpected charges.

A Creditors' Voluntary Liquidation can complete in as little as six to nine months, though complex cases may take longer. The liquidator must realise assets, investigate the company's affairs, and distribute funds to creditors. Once the process is complete, the company is dissolved and removed from the register.

Yes, you can liquidate a company with no assets, but creditors must agree to the appointment of a liquidator. If there are no funds to pay for the liquidation, directors may need to fund the process personally or consider a strike-off if the company has no debts and is not trading.

Alternatives include a Company Voluntary Arrangement (CVA) to repay debts over time, administration to give breathing space from creditors, or negotiating informal payment plans. A licensed insolvency practitioner can assess your cash flow and advise on the most suitable option for your circumstances.

In most cases, directors are not personally liable for company debts if they have acted lawfully. However, personal guarantees on loans or leases can make you liable. If wrongful trading or misfeasance is found, a liquidator may seek a court order for personal contribution.

Yes, but you must act with caution. Continuing to trade while insolvent can lead to personal liability for wrongful trading. Once you decide to liquidate, you should cease taking on new credit and seek professional advice immediately to avoid any allegations of misconduct.

You will need to provide the company's financial records, including bank statements, tax returns, debtor and creditor lists, and details of any assets. The liquidator will also require a statement of affairs, which lists what the company owns and owes. Full disclosure is essential.

A Members' Voluntary Liquidation (MVL) is used for solvent companies, where directors can swear a declaration of solvency. A Creditors' Voluntary Liquidation (CVL) is for insolvent companies. The MVL is faster and cheaper, but only if the company can pay all debts in full within 12 months.

Employees are made redundant when the company enters liquidation. They may be entitled to statutory redundancy pay, unpaid wages, holiday pay, and pension contributions. These claims are paid from the National Insurance Fund, but the liquidator must submit the necessary forms to the Redundancy Payments Service.

Yes, you can start a new company immediately after a CVL, unless you are disqualified by a court order. However, you should avoid using a 'phoenix' company that acquires the old company's assets without proper valuation, as this may be challenged by the liquidator.