Company Liquidators in MillomProfessional Advice and Support

The cost of a Creditors' Voluntary Liquidation (CVL) varies depending on the size and complexity of the company. Fees are usually paid from the company's assets, not from your personal funds. A licensed practitioner will provide a clear fee structure before you proceed, ensuring you understand all costs involved.

Your company is eligible for a Creditors' Voluntary Liquidation if it is insolvent, meaning it cannot pay its debts as they fall due, or its liabilities exceed its assets. A licensed insolvency practitioner will assess your financial position to confirm whether liquidation is the appropriate course of action.

The process begins with a meeting of directors to pass a resolution for liquidation. A licensed insolvency practitioner is then appointed as the liquidator. A meeting of creditors is held to confirm the appointment. The liquidator then takes control of the company's assets and distributes them to creditors.

The duration of a liquidation varies depending on the complexity of the company's affairs. A straightforward case might be concluded within six to twelve months, whilst a more complex case with asset realisation or legal disputes can take several years. The liquidator will provide a timeline based on your specific circumstances.

Yes, several alternatives exist, including a Company Voluntary Arrangement (CVA) to repay debts over time, administration to give the company breathing space for a rescue, or a formal restructuring plan. A licensed practitioner will explain all viable options and help you choose the best route for your situation.

Directors must act in the best interests of creditors once insolvency is inevitable. They must not take on new credit they cannot repay, must not make preferential payments to certain creditors, and must keep accurate financial records. Breaching these duties can lead to personal liability for the company's debts.

Employees are made redundant when a company enters liquidation. They may be entitled 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, you can generally start a new business after a liquidation, provided you have not been disqualified from acting as a director. However, there may be restrictions on using the same or a similar company name. You should seek professional advice to understand the rules and avoid any potential issues.

The liquidator is responsible for realising the company's assets, which includes selling property, equipment, and stock to generate funds for creditors. They also have the power to investigate the conduct of directors and recover money from any transactions that were made to the detriment of creditors.

You will need to provide a full list of the company's assets and liabilities, details of any debts owed to you, a list of creditors, and information about any charges or security held over company assets. You will also need to provide details of any transactions made in the months leading up to the liquidation.