Professional Company Liquidators inLivingstones for Business Closures

The cost varies depending on the complexity of your company's affairs, the number of creditors, and the assets involved. Creditors' voluntary liquidation is often funded from the company's assets. A licensed insolvency practitioner will provide a fixed fee quote before you commit, so you know exactly what to expect.

Your company is eligible for liquidation if it is insolvent, meaning it cannot pay its debts as they fall due, or its liabilities exceed its assets. A licensed insolvency practitioner will conduct a free initial assessment to confirm whether liquidation is the appropriate route or if an alternative solution is more suitable.

The process begins with a board meeting where directors pass a resolution to wind up the company. A meeting of shareholders is then held to approve the resolution and appoint a liquidator. Creditors are notified and given the chance to vote on the liquidator's appointment. Finally, the liquidator realises assets and distributes funds.

The initial appointment and creditor meeting usually take place within a few weeks of the decision. The full process, including selling assets and distributing funds, typically takes between six and twelve months. Complex cases with substantial assets or legal disputes can take longer to conclude.

Once a liquidator is appointed, they take control of the company and your powers as a director cease. You cannot continue to trade or make decisions about the company's assets. The liquidator's role is to wind down affairs, sell assets, and distribute funds to creditors in the correct order.

Yes, alternatives include a company voluntary arrangement (CVA), administration, or informal negotiation with creditors. A CVA allows you to repay debts over time while continuing to trade. Administration provides a moratorium from creditors while a restructuring plan is developed. A licensed professional can advise on which option is viable.

Employees are automatically made redundant when a liquidator is appointed. 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 help employees make their claims promptly.

Generally, directors are not personally liable for company debts if they have acted properly and within the law. However, personal liability can arise if you have given a personal guarantee, traded wrongfully, or misused company funds. The liquidator will investigate your conduct and may take action if there is evidence of misconduct.

Yes, you can still appoint a liquidator even if the company has no assets. This is often called a 'no-asset liquidation' or 'pre-pack' scenario. The liquidator will investigate the company's affairs and file the necessary paperwork. Fees may need to be covered by the directors or from funds raised from asset realisation.

You will need to provide the company's statutory books, financial records, bank statements, tax returns, and details of all assets and liabilities. You should also provide a list of creditors and any relevant contracts or agreements. The liquidator will use this information to assess the financial position and begin the process.