Expert Company Liquidatorsin Leighton

A licensed insolvency practitioner takes control of the company, sells its assets, settles debts in the correct legal order, and investigates the conduct of directors. They ensure the liquidation process is fair and transparent, and they report to creditors and the relevant authorities as required.

Costs vary based on the size and complexity of the company. Typically, fees range from a few thousand pounds for a simple creditors' voluntary liquidation to more for contested or complex cases. Always ask for a fixed-fee quote before engaging a liquidator.

A Creditors' Voluntary Liquidation (CVL) is initiated by the directors when the company cannot pay its debts. Compulsory liquidation is forced by a creditor through a court order. The process and control differ significantly, so it is important to seek advice early.

Yes, you can. If the company has no assets and no realistic prospect of paying debts, a CVL can still be used to close the company formally. This helps avoid the risk of wrongful trading claims and provides a clean exit for directors.

A straightforward CVL typically takes between six and twelve months to complete, depending on the complexity of asset realisation and creditor claims. The liquidator must finalise all matters, including tax clearance, before the company is formally dissolved.

Alternatives include a Company Voluntary Arrangement (CVA), administration, or informal negotiation with creditors. A CVA allows the company to continue trading while paying off debts over time. Administration provides a moratorium from creditors while a rescue plan is attempted.

Generally, no, unless you have given personal guarantees or acted wrongfully. If you have continued trading while knowing the company was insolvent, you could face personal liability for wrongful trading. Taking advice early can protect your position.

Employees are made redundant when the company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to affected staff.

Yes, you can start a new company, but there are restrictions. If you were a director of a company that went into insolvent liquidation, you may be subject to a disqualification order. You must also avoid using a 'phoenix' company name that is similar to the old one.

Choose a practitioner who is licensed by a recognised regulatory body, such as the Insolvency Practitioners Association. Look for experience in your sector, transparent fee structures, and a local presence. Speak with several firms before making a decision.