Professional Company LiquidatorsServing Lechlade Businesses

A company liquidator is a licensed insolvency practitioner who winds up a company's affairs. They realise assets, agree creditor claims, investigate director conduct, and distribute any remaining funds according to legal priority. They also handle statutory filings and ensure the company is formally dissolved.

Costs vary depending on the complexity of the case, the number of creditors, and the work involved. A simple creditors' voluntary liquidation may cost a few thousand pounds, while a complex compulsory liquidation can be more expensive. Always ask for a fixed-fee quote before proceeding.

Yes, you can liquidate a company with no assets, but you must consider the cost of the liquidator's fees. In some cases, the director may need to fund the process personally. Alternatively, a striking-off procedure may be available if the company has no assets and no debts.

Solvent liquidation, often called a members' voluntary liquidation, is used when a company can pay its debts in full within 12 months. Insolvent liquidation, usually a creditors' voluntary liquidation, applies when liabilities exceed assets. The procedures differ in terms of creditor involvement and director duties.

A straightforward creditors' voluntary liquidation typically takes between 6 and 12 months to complete. Complex cases involving asset realisation, legal disputes, or investigations may take longer. The liquidator must also allow time for creditors to submit claims and for statutory notices to be published.

Employees are made redundant when a company enters liquidation. They may be able to claim statutory redundancy pay, unpaid wages, holiday pay, and other entitlements from the National Insurance Fund. The liquidator provides each employee with the necessary forms and guidance.

Directors can be personally liable if they have given personal guarantees, traded wrongfully, or acted fraudulently. Liquidators investigate director conduct and may pursue claims to recover funds for creditors. Taking professional advice early can help mitigate these risks.

A CVA is a formal agreement with creditors to pay off debts over a set period, usually three to five years. It allows the company to continue trading while making affordable payments. A licensed insolvency practitioner must supervise the arrangement, and it requires creditor approval.

Yes, alternatives include a CVA, administration, or informal negotiation with creditors. In some cases, refinancing or selling the business as a going concern may be possible. A licensed practitioner can assess your financial position and recommend the most suitable option.

You will need to provide financial statements, tax returns, bank statements, debtor and creditor lists, asset registers, and details of any director loans. The liquidator also requires a statement of affairs, which summarises the company's assets and liabilities at the date of liquidation.