Expert Company LiquidatorsServing Middlesex Businesses

A company liquidator is a licensed insolvency practitioner who takes control of a company that is closing down. They realise assets, settle debts with creditors, investigate the company's affairs, and ensure that the legal process is followed correctly. They also handle communication with all parties involved.

The cost varies depending on the complexity of the case, the size of the company, and the amount of work required. Typically, fees are based on time spent or a fixed fee agreed upfront. You should obtain a clear quote from a licensed practitioner before proceeding.

A company liquidator can be appointed by the directors, shareholders, or creditors. In a creditors' voluntary liquidation, shareholders pass a resolution to wind up the company, and creditors then confirm the appointment. A court can also appoint a liquidator in a compulsory winding-up.

The length of time depends on the complexity of the case. A straightforward creditors' voluntary liquidation may be completed in six to twelve months. Cases with complex asset realisation or legal disputes can take longer. Your liquidator will provide a timeline based on your specific circumstances.

No. Once a company enters liquidation, the liquidator takes control and the directors' powers cease. Trading is only permitted if the liquidator decides it is necessary to achieve a better result for creditors. This is rare and only done in specific situations.

Liquidation is the final closure of a company, selling assets to pay creditors, after which the company is dissolved. Administration is a rescue process that aims to save the company or its business as a going concern. An administrator is appointed to restructure the company's finances and operations.

Alternatives include company voluntary arrangements (CVAs), which are formal agreements with creditors to repay debts over time, and administration, which may allow the business to continue. Informal arrangements with creditors or refinancing are also possible. A licensed practitioner can advise on the best route.

Employees are usually made redundant when a company goes into liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide employees with the necessary forms and guidance on making claims.

Directors can be personally liable if they have traded while insolvent, misused company funds, or breached their duties. This can lead to disqualification or personal financial liability. It is important to seek professional advice early to avoid such consequences.

Yes, you can. If a company has no assets, it may be possible to apply for a strike-off, which is a cheaper and quicker process than formal liquidation. However, if the company has debts, creditors may object, and a liquidator may still be needed to investigate the company's affairs.