Professional Company LiquidatorsServing Molesey Businesses

The cost of a liquidation depends on the complexity of the case, the number of assets, and the level of creditor involvement. A licensed insolvency practitioner will provide a fee estimate after an initial review. Fees are often taken from the company's assets, but you should confirm this arrangement in writing before you proceed.

A company is generally eligible for a creditors' voluntary liquidation if it is insolvent, meaning it cannot pay its debts as they fall due. A licensed practitioner will assess your balance sheet and cash flow position. If the company is solvent, other options may be more suitable, such as a members' voluntary liquidation.

The process begins with a board meeting to pass a resolution, followed by a meeting of shareholders to approve the winding up. A licensed insolvency practitioner is then appointed as liquidator. The liquidator takes control of the company's affairs, realises assets, and distributes funds to creditors in the statutory order.

A straightforward liquidation may be concluded within six to twelve months, but complex cases can take longer. The timeframe depends on the speed of asset realisation, the resolution of creditor claims, and any investigations required. Your liquidator will provide a timeline based on your specific circumstances.

Yes, alternatives include a company voluntary arrangement, administration, or informal negotiation with creditors. Each option has different outcomes for the business and its directors. A licensed professional can explain the advantages and disadvantages of each route, helping you choose the most appropriate solution for your situation.

When a company enters liquidation, employees are made redundant. The liquidator will provide the necessary documentation for claims to the redundancy payments service. Employees may be entitled to statutory redundancy pay, notice pay, and holiday pay, subject to the relevant limits and eligibility criteria.

In most cases, directors are not personally liable for company debts if they have acted properly. However, personal liability can arise if there has been wrongful trading, fraudulent activity, or if personal guarantees were given. A licensed practitioner will review the director's conduct and advise on potential exposure.

Once a decision is made to liquidate, you should cease trading immediately, except where continuing is necessary for the beneficial winding up of the company. Trading beyond this point could lead to personal liability for wrongful trading. You should seek professional advice before taking any further steps.

You will need to provide the company's books and records, including financial statements, bank statements, and details of assets and liabilities. You will also need to complete a statement of affairs, which outlines the company's financial position. The liquidator will require your full cooperation throughout the process.

You should select a practitioner who is licensed and regulated by a recognised professional body. It is important to discuss their experience with similar cases and their approach to communication. You can connect with a specialist listed on AccountingFirms to ensure you receive professional and regulated guidance.