Company Liquidators inLichfield

The cost varies depending on the complexity of your company's affairs, the number of creditors, and the assets involved. Most licensed insolvency practitioners offer a fixed fee or an hourly rate. You should always request a written quotation before proceeding, and clarify what is included in the fee.

Any limited company that is insolvent, meaning it cannot pay its debts as they fall due, is eligible. This includes companies with assets that are insufficient to cover liabilities. Directors must pass a resolution to wind up the company voluntarily, or creditors may petition for a compulsory liquidation.

A creditors' voluntary liquidation typically completes within 6 to 12 months, depending on the complexity of the case. This includes realising assets, agreeing claims, and distributing funds. The liquidator must file final accounts with Companies House, which can take additional time if investigations are required.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to restructure the business, or informal arrangements with creditors. A licensed insolvency practitioner can assess your specific situation and advise whether liquidation is the most appropriate solution or if another option could save the business.

No. Once a liquidation order is made or a resolution is passed, the liquidator takes control of the company's affairs. Directors must cease trading immediately, except for actions that the liquidator authorises to preserve value. Continuing to trade without consent could lead to personal liability for debts incurred.

Employees are automatically made redundant when the company enters liquidation. The liquidator is responsible for ensuring they receive statutory redundancy pay, notice pay, and unpaid wages from the National Insurance Fund. The liquidator will also help employees claim any outstanding holiday pay they are owed.

No. A creditors' voluntary liquidation is a formal procedure that does not require a court appearance. The directors pass a resolution and convene a meeting of creditors, after which the liquidator is appointed. Compulsory liquidation, however, involves a court petition and hearing.

The liquidator's duties include realising company assets, investigating the conduct of directors, agreeing creditor claims, and distributing funds in the statutory order. They must also report any wrongful trading or fraudulent activity to the relevant authorities. The liquidator acts in the interests of all creditors.

There are restrictions on using a similar company name after liquidation, unless you obtain permission from the court or follow the 'phoenix' provisions. The Insolvency Act prohibits directors from re-using a prohibited name for five years. A licensed professional can advise on the legal options available to you.

You should choose a licensed insolvency practitioner who is regulated by a recognised professional body, such as the ICAEW or ACCA. Look for someone with experience in your industry and who offers a clear fee structure. Get guidance from a specialist listed on AccountingFirms to ensure you receive professional advice.