Professional Company LiquidatorsServing Macclesfield Businesses

A company liquidator is a licensed insolvency practitioner who takes control of an insolvent company, realises its assets, investigates the directors' conduct, and distributes the proceeds to creditors. Once the process is complete, the company is formally dissolved and removed from the register.

Costs vary depending on the complexity of the case and the size of the company. Creditors' voluntary liquidation is often funded from the company's assets. A licensed practitioner will provide a fee estimate before you commit, and you should always confirm the basis of their fees in writing.

Creditors' voluntary liquidation is initiated by the directors and shareholders when the company is insolvent. Compulsory liquidation is forced by a creditor through a court order. The former gives directors more control over the choice of liquidator, whilst the latter removes that control.

The initial meeting of creditors usually occurs within two to three weeks of the decision to liquidate. The liquidator's work, including asset realisation and investigations, typically takes six to twelve months. The company is finally dissolved after the liquidator's final report is filed.

Trading while insolvent can lead to personal liability for wrongful trading if you do not take every step to minimise losses to creditors. You should seek professional advice immediately if you suspect insolvency. A licensed practitioner can advise on whether a rescue or an orderly wind-down is more appropriate.

Employees are made redundant once the company enters liquidation. They may be able to claim statutory redundancy pay, notice pay, and unpaid wages from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to help employees make these claims.

Yes, 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 creditor action while a rescue plan is attempted. A licensed practitioner can explain all options.

You must cooperate fully with the liquidator, providing all company records, accounts, and information. You must not dispose of assets or prejudice creditor interests. You are also required to complete a director's questionnaire and attend meetings if requested. Failure to cooperate can lead to personal liability.

For a creditors' voluntary liquidation, directors can call a shareholder meeting to pass a resolution to wind up the company, and then convene a creditors' meeting to confirm the appointment of the liquidator. No court order is needed. Compulsory liquidation requires a court order obtained by a creditor.

The liquidator takes control of all company assets, including property, stock, and intellectual property. These are sold to repay creditors. Contracts with suppliers and customers are typically terminated, although the liquidator may choose to continue certain contracts if it benefits the estate.