Professional Company LiquidatorsServing New Malden

A company liquidator is a licensed insolvency practitioner who manages the formal closure of a company. They take control of assets, settle debts, and distribute any remaining funds to shareholders. Their role is to ensure the process is conducted legally and fairly for all parties involved.

The cost of liquidation varies depending on the size and complexity of the company. Typically, fees are based on the value of assets realised or on a fixed-fee basis. It is advisable to obtain a clear quotation from a licensed professional before proceeding, so you know exactly what to expect.

Yes, it is possible to liquidate a company that has no assets. This is often referred to as a 'no-asset liquidation'. The process may still incur fees, but these are sometimes covered by director guarantees or by the official receiver in certain circumstances. A professional can explain the specific requirements.

Solvent liquidation is used when a company can pay its debts in full, typically via a Members' Voluntary Liquidation (MVL). Insolvent liquidation is for companies that cannot pay their debts, usually via Creditors' Voluntary Liquidation (CVL). Each has different legal procedures and implications for directors.

The duration depends on the complexity of the company's affairs. A simple liquidation may take around six to twelve months, while more complex cases with numerous creditors or legal issues can take longer. Your liquidator will provide a timeline based on your specific circumstances.

Yes, alternatives include company voluntary arrangements (CVAs), administration, or informal negotiations with creditors. These options may allow the business to continue trading or to achieve a better return for creditors. A licensed insolvency practitioner can help you assess which route is most suitable.

Employees are made redundant when a company goes into liquidation. They may be entitled to claim redundancy pay and other arrears from the National Insurance Fund. The liquidator will provide guidance on the claims process and ensure that employee rights are considered during the proceedings.

Directors are generally not personally liable for company debts, but there are exceptions. If wrongful trading, fraudulent trading, or a breach of fiduciary duty is proven, personal liability can arise. It is important to seek professional advice early to avoid such risks.

Look for a licensed insolvency practitioner with experience in your industry and a track record of handling similar cases. Check their credentials, read client testimonials, and arrange an initial consultation to discuss your needs. A reputable liquidator will be transparent about fees and processes.

The official receiver is a government officer who may be appointed as liquidator in compulsory liquidation cases. They investigate the company's affairs and the conduct of directors. In voluntary liquidations, a licensed insolvency practitioner is typically appointed instead, but the official receiver still has a supervisory role in some circumstances.