Professional Company LiquidatorsServing Makerfield Businesses

A licensed insolvency practitioner takes control of the company, realises its assets, agrees claims with creditors, and distributes any proceeds according to legal priority. They also investigate director conduct and ensure the company is formally dissolved at Companies House, providing a clean break for all parties involved.

Fees vary depending on the complexity of the case, asset values, and the number of creditors. Most practitioners offer a fixed fee or an hourly rate, often paid from company assets. You should request a written quote before proceeding, ensuring there are no hidden charges for additional work.

You are eligible if your company is insolvent, meaning it cannot pay its debts as they fall due. This includes situations where liabilities exceed assets or cash flow is insufficient. A licensed practitioner will assess your financial position and confirm whether a creditors' voluntary liquidation is the appropriate route.

A straightforward creditors' voluntary liquidation typically completes within six to twelve months. Complex cases with disputed claims or overseas assets may take longer. The liquidator must file final accounts and a return to Companies House, which can only happen after all assets are sold and claims resolved.

You may continue trading while you seek advice, but you must not incur further credit if you know the company is insolvent. Doing so could lead to personal liability for wrongful trading. A practitioner can advise on the safest course of action during this period.

Alternatives include a company voluntary arrangement to repay debts over time, administration to restructure or sell the business as a going concern, or informal arrangements with creditors. Each option has different implications for control, cost, and outcome, so professional advice is essential before choosing.

Limited liability usually protects personal assets such as your home or savings unless you have given personal guarantees or acted fraudulently. A liquidator will examine transactions and may pursue recovery if assets were transferred at undervalue or if directors breached their duties.

Employees are made redundant on the date of liquidation, and they become preferential creditors for unpaid wages, holiday pay, and pension contributions. They can claim certain statutory payments from the National Insurance Fund, but the liquidator will guide them through the process and provide necessary documentation.

No, court attendance is not required for a creditors' voluntary liquidation. The process involves a board resolution and a shareholder meeting to approve the winding up, followed by a creditors' meeting. The appointed liquidator handles all formalities without any need for you to appear before a judge.

Yes, you can still appoint a liquidator even if there are no assets to distribute. The process provides a proper closure and prevents further creditor pressure. However, you may need to fund the liquidation personally if the company cannot cover the costs, so discuss this with a practitioner upfront.