Professional Company LiquidatorsServing Lincs

A licensed insolvency practitioner acts as liquidator, taking control of company assets, realising them for creditor benefit, investigating director conduct, and distributing proceeds according to legal priority. They also ensure statutory filings are completed and the company is formally dissolved.

Fees vary based on complexity, asset realisation, and creditor numbers. Typically, costs are agreed upfront and paid from company assets. Creditors' voluntary liquidation often has a fixed fee, while compulsory liquidation costs are set by court. Always obtain a clear written quote.

Directors of insolvent companies can propose a creditors' voluntary liquidation if the company cannot pay debts as they fall due. Shareholders must pass a resolution, and creditors must approve the appointment of a liquidator. This route is common for small and medium enterprises.

The initial meeting and appointment can occur within a few weeks. Asset realisation and creditor distributions may take several months. Final dissolution typically happens after a minimum of three months post-liquidation, but complex cases can extend for years.

Yes, you can apply for a members' voluntary liquidation if the company is solvent, or a creditors' voluntary liquidation if insolvent. With no assets, a liquidator may still need to investigate director conduct. Costs might be covered by director contributions or a bond.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to rescue the business, or informal negotiation with creditors. Each has distinct implications for control, costs, and outcomes. Professional advice is essential to choose the best path.

Not usually. Creditors' voluntary liquidation is a private process, not court-based. Compulsory liquidation involves a court petition, typically from a creditor, and you may need to attend a hearing. Most voluntary cases are handled entirely by the liquidator.

Employees are made redundant when liquidation starts. They may claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. The liquidator provides necessary documentation and guidance to employees affected.

Yes, but restrictions may apply if you are disqualified or if the liquidator reports misconduct. In a members' voluntary liquidation, you can start immediately. In a creditors' voluntary liquidation, you can trade again but must not use a similar name for five years unless certain conditions are met.

Select a licensed insolvency practitioner who is registered with a recognised professional body. Check experience with similar cases, fee transparency, and local availability. Speak with several to compare approaches. A reputable liquidator will explain all options without pressure.