Professional Company Liquidatorsin Kingsway

A licensed insolvency practitioner acts as liquidator, taking control of company assets, realising them for creditors, investigating director conduct, and ensuring legal compliance. They manage the entire process from the appointment to dissolution, providing professional oversight and guidance throughout.

Costs vary depending on company size, asset complexity, and creditor structure. Typically, fees range from a few thousand pounds for simple cases to higher amounts for complex insolvencies. Always obtain a fixed-fee quote before appointing a liquidator to avoid unexpected expenses.

A straightforward creditors' voluntary liquidation often completes in six to twelve months, but complex cases may take longer. The timeline depends on asset realisation, creditor claims, and any investigations. Your liquidator will provide a realistic estimate after assessing your company's situation.

Yes, you can liquidate an insolvent company with no assets, but you may need to fund the liquidator's fees personally. Alternatively, a director may apply to strike the company off the register if it meets certain criteria, but this is not suitable if the company has debts.

Voluntary liquidation is initiated by directors or shareholders, while compulsory liquidation is ordered by a court, usually following a creditor's petition. Creditors' voluntary liquidation is common for insolvent companies, whereas members' voluntary liquidation is used for solvent companies.

Generally, no, as limited liability protects directors. However, personal liability can arise if you have given personal guarantees, acted fraudulently, or traded wrongfully. A liquidator will investigate and may pursue recovery if misconduct is found.

Once liquidation begins, directors lose control, and the liquidator takes over. However, before liquidation, you may continue trading if it improves creditor outcomes. Your liquidator can advise on the legality of trading while insolvent to avoid wrongful trading claims.

Alternatives include a company voluntary arrangement (CVA), administration, or informal restructuring with creditors. Each option has different implications for the company and directors. A licensed insolvency practitioner can help you evaluate which solution best fits your circumstances.

Select a licensed insolvency practitioner with experience in your industry and a transparent fee structure. Check their credentials with a recognised professional body, ask for references, and ensure they communicate clearly. A local specialist can offer personalised support.

Employees are made redundant when liquidation begins, and they may claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator provides necessary documentation and guidance to help employees access their entitlements.