Professional Company Liquidatorsin Maidenhead Berkshire

Fees vary depending on the complexity of the liquidation, the size of the company, and the number of creditors. Typically, a Creditors' Voluntary Liquidation costs between £4,000 and £8,000 plus VAT, but the liquidator will provide a fixed fee quote before you commit. Always ask for a breakdown of costs and any additional disbursements.

A company is eligible for a Creditors' Voluntary Liquidation if it is insolvent, meaning it cannot pay its debts as they fall due. The directors must pass a resolution to wind up the company, and at least 75% of shareholders must agree. A licensed insolvency practitioner must be appointed to act as the liquidator.

The process begins with a director's meeting to pass a resolution for voluntary winding up. Then, a meeting of creditors is held where the proposed liquidator is formally appointed. The liquidator takes control of the company's assets, realises them, and distributes the proceeds to creditors in the statutory order.

A straightforward Creditors' Voluntary Liquidation typically completes within six to twelve months. However, complex cases involving asset recovery, legal disputes, or missing records can take longer. The liquidator will provide an estimated timeline at the outset and keep you informed of progress throughout.

Yes, it is possible to liquidate an insolvent company with no assets, but creditors may not receive any dividend. The liquidator will still need to investigate the directors' conduct and file final accounts. In some cases, a director may consider a Members' Voluntary Liquidation if the company is solvent but has no assets left.

Alternatives include a Company Voluntary Arrangement, administration, or informal arrangements with creditors. A CVA allows the company to continue trading while repaying debts over a period. Administration provides a moratorium from creditor action. A licensed practitioner can explain which option is most suitable based on your company's financial position.

Employees are made redundant when a company enters liquidation. The liquidator will assist them in claiming statutory redundancy pay, unpaid wages, holiday pay, and pension contributions from the National Insurance Fund. Employees are preferential creditors, so they receive payment before unsecured creditors in the distribution of assets.

No, a Creditors' Voluntary Liquidation does not require any court appearance. The process is initiated by shareholder and creditor meetings, and the appointed liquidator handles all legal formalities. Compulsory liquidation, however, is court-ordered and typically follows a winding-up petition from a creditor.

You cannot reuse the same company name or a similar name that suggests the same company, unless you obtain permission from the court or follow the exceptions under insolvency law. This restriction applies for five years from the date of liquidation and is designed to prevent 'phoenix trading' without proper disclosure.

Directors must cooperate fully with the liquidator, provide all company records and accounts, and disclose any transactions that may be challenged. They must not hide assets or destroy records. Failure to comply can result in personal liability, disqualification as a director, or even criminal prosecution in serious cases.