Professional Company LiquidatorsServing Martock Businesses

A licensed liquidator takes control of the company, realises its assets, settles valid creditor claims, and investigates the conduct of directors. They ensure the closure is handled lawfully and that all statutory requirements are met, providing a clean end for the business.

Costs vary depending on the size and complexity of the company. Creditors’ voluntary liquidation is often funded from company assets, while compulsory liquidation may involve court fees. A licensed professional will provide a clear fee structure before you commit, so you know what to expect.

Any limited company that is insolvent – meaning it cannot pay its debts as they fall due – may be placed into liquidation. Directors can propose a creditors’ voluntary liquidation, or a creditor can petition for compulsory liquidation. Eligibility depends on the specific financial position.

A simple creditors’ voluntary liquidation might conclude in six to twelve months, but complex cases with many assets or legal issues can take longer. The liquidator must file final accounts with Companies House, which adds time. Your practitioner will give a realistic timeline at the outset.

You can continue trading if it does not worsen the position of creditors, but you must seek professional advice immediately. Trading while insolvent can lead to wrongful trading claims against directors. A licensed insolvency practitioner can help you decide whether to cease trading or attempt a rescue.

Alternatives include company voluntary arrangements, administration, or informal arrangements with creditors. Sometimes a refinancing or a sale of the business as a going concern can preserve value. Your advisor will assess which option best protects creditors and any remaining value for shareholders.

Directors must cooperate fully with the liquidator, provide all company records and financial information, and attend meetings if required. They must not hide assets or prefer certain creditors. Failure to comply can result in personal liability or disqualification from acting as a director.

You should first consult a licensed insolvency practitioner who will assess your financial position. If liquidation is appropriate, they will call a meeting of shareholders and creditors to approve the appointment. The process formally begins when the liquidator is appointed and the company ceases trading.

Limited liability generally protects your personal assets, but this protection can be lost if you have given personal guarantees or acted improperly. Directors’ loans and assets transferred to you may be recovered. A professional will explain your exposure before you proceed.

Yes, the liquidator handles employee redundancy and unpaid wage claims, often through the government’s redundancy payments service. They will ensure that employees receive their statutory entitlements and that preferential claims are paid in the correct order from available assets.