Professional Company Liquidators inKingston upon Thames

The cost varies depending on the complexity of the insolvency, the size of the company, and the amount of work required to realise assets and deal with creditors. Most licensed practitioners offer a fixed fee or an hourly rate. You should request a detailed quote before agreeing to any engagement.

A creditors' voluntary liquidation typically completes within six to twelve months, but complex cases may take longer. The liquidator must collect and sell assets, investigate the company's affairs, and distribute funds to creditors. The timeline also depends on the cooperation of directors and the availability of financial records.

Yes, you can place an insolvent company into liquidation even if it has no assets. This is often called a 'no-asset liquidation'. The liquidator will still investigate the company's conduct and report to creditors. However, you may need to fund the liquidation costs personally if the company cannot cover them.

Voluntary liquidation is initiated by the directors or shareholders passing a resolution, whereas compulsory liquidation is ordered by a court, usually following a winding-up petition from a creditor. In voluntary liquidation, the company appoints the liquidator, while in compulsory liquidation, the court appoints an official receiver.

Generally, no, as long as you have not acted wrongfully. However, personal liability can arise if you have given personal guarantees, misused company funds, or traded while insolvent. A liquidator will investigate your conduct and may seek recovery from you if they find evidence of wrongful trading or other misconduct.

Yes, a company can be placed into liquidation while still trading, but this is unusual. Typically, directors cease trading before appointing a liquidator. If the company continues to trade while insolvent, directors risk personal liability for wrongful trading. A licensed practitioner can advise on the correct timing.

Employees are made redundant when a company goes into liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide them with the necessary forms and information to make claims. Employees are preferential creditors for certain amounts.

Yes, alternatives include a company voluntary arrangement (CVA), administration, or an informal agreement with creditors. A CVA allows the company to continue trading while paying debts over time. Administration provides a moratorium from creditors while a restructuring is attempted. Your chosen professional will help you assess which option is best.

You will need to provide the company's financial records, including balance sheets, profit and loss accounts, tax returns, bank statements, and details of all assets and liabilities. You must also provide a statement of affairs, which lists the company's creditors and what they are owed. The liquidator will use this information to conduct the liquidation.

Look for a practitioner who is licensed by a recognised professional body, such as the Insolvency Practitioners Association or the ICAEW. Check their experience with similar companies and ask for references. Ensure they are independent and not connected to your creditors. A good practitioner will explain everything clearly and act in the best interests of all parties.