Expert Company LiquidatorsServing Lancing Businesses

A licensed insolvency practitioner takes control of your company's assets, realises them for the benefit of creditors, investigates the company's affairs, and distributes any funds according to the legal priority rules. They also handle the necessary paperwork to formally dissolve the company at Companies House.

The cost varies depending on the complexity of your case, the number of assets, and the level of creditor involvement. Most practitioners offer a fixed fee for straightforward cases. It is essential to obtain a written quotation before you agree to anything, so you know exactly what the fees will be.

A creditors' voluntary liquidation is initiated by the directors when they conclude the company is insolvent. A compulsory liquidation is forced by a creditor through a court order. The process differs significantly in terms of control, timescales, and costs, so it is important to understand which one applies to your situation.

If your company is technically insolvent, continuing to trade can lead to personal liability for wrongful trading. You must seek professional advice immediately. A liquidator can help you assess whether a rescue plan is viable or whether you should cease trading to protect your position and avoid further losses.

A simple creditors' voluntary liquidation can be completed in a few months, but more complex cases with substantial assets or legal disputes can take a year or longer. The liquidator must follow statutory procedures, which include a period for creditors to submit claims, which affects the overall timeline.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to give the company breathing space, or a formal restructuring. A licensed professional can assess your financial position and advise on whether a rescue option is realistic or whether liquidation is the most appropriate course of action.

Employees are made redundant when a liquidator is appointed. They may be able to claim statutory redundancy pay and other entitlements from the National Insurance Fund. The liquidator will provide the necessary documentation to help employees make these claims, but the process is handled separately from the liquidation itself.

You must cooperate fully with the liquidator, provide all relevant books and records, and answer any questions about the company's affairs. You must not dispose of any assets without the liquidator's consent. Failure to cooperate can result in personal liability and potential disqualification as a director.

A liquidator cannot release you from a personal guarantee you have signed. The creditor can still pursue you personally for the debt. However, a liquidator can advise on your overall financial position and suggest options, such as an individual voluntary arrangement, to manage your personal debts separately.

You should have a recent balance sheet, a list of creditors and amounts owed, details of any assets, and information about any director's loans. This initial information helps the liquidator assess your company's solvency and provide accurate advice on the best course of action to take.