Professional Company LiquidatorsServing Mosborough Businesses

A company liquidator is a licensed insolvency practitioner who manages the closure of a limited company. They collect and sell company assets, settle debts with creditors, and distribute any remaining funds to shareholders. They also handle the necessary legal paperwork and ensure the company is formally dissolved at Companies House.

The cost of liquidation varies based on the complexity of your company's affairs, the number of creditors, and the value of assets. Typically, fees range from £4,000 to £8,000 plus VAT for a straightforward case. You should always ask for a fixed-fee quote upfront to avoid unexpected charges.

A simple creditors' voluntary liquidation can complete in around six to twelve months, depending on how quickly assets are sold and any legal issues are resolved. Compulsory liquidation may take longer if court proceedings are involved. Your liquidator will provide a timeline based on your specific circumstances.

Yes, it is possible to liquidate a company that has no assets, but you may need to fund the liquidation costs personally. If the company cannot pay for the liquidation, directors may consider a strike-off instead, provided the company has not traded recently and has no outstanding debts. Always seek professional advice first.

Voluntary liquidation is initiated by the company's directors or shareholders, often when the company is insolvent. Compulsory liquidation is forced by a creditor through a court order, usually after a winding-up petition. The process and implications differ, so it's essential to understand which applies to your situation.

Yes, alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to restructure the business, or a formal strike-off if the company is solvent and no longer needed. Each option has different consequences for directors and creditors, so professional advice is critical.

When a company enters liquidation, employees are made redundant automatically. They may be entitled to claim statutory redundancy pay and other arrears from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to employees to help them claim what they are owed.

Yes, directors can start a new company after liquidation, but there may be restrictions if they have been disqualified or if the liquidation involved wrongful trading. In some cases, buying assets from the old company requires permission from the court. Professional advice is recommended to avoid pitfalls.

Generally, directors are not personally liable for company debts if they have acted properly. However, personal liability can arise if you have given personal guarantees, made wrongful or fraudulent trading, or misused the company's funds. A liquidator will investigate your conduct and advise accordingly.

Look for a licensed insolvency practitioner with experience in your industry and a transparent fee structure. Check their credentials with a recognised professional body, such as the Insolvency Practitioners Association. You can also speak with a specialist listed on AccountingFirms to compare options.