Professional Company LiquidatorsServing Newton Abbot

The cost varies based on the complexity of the company's affairs. Fees are usually paid from the company's assets. If there are no assets, you may need to consider a director's personal contribution to cover the costs. A licensed professional will provide a fixed fee quote after an initial assessment.

A Creditors' Voluntary Liquidation typically takes between six to twelve months to complete. The timeline depends on how quickly assets can be realised and whether there are complex legal issues. The liquidator will keep you informed of progress throughout the entire process.

Yes, it is possible to liquidate a company with no assets. However, the liquidator's fees must be covered. This is often achieved through a director's personal contribution or by using funds from a third party. You should discuss your specific circumstances with a professional to find the best solution.

Alternatives include a Company Voluntary Arrangement, which allows you to pay debts over time, or administration, which may allow the business to continue trading. Sometimes, a simple strike-off is possible if the company has not traded and has no debts. Your specific situation will determine which option is suitable.

A Creditors' Voluntary Liquidation is used for an insolvent company, where debts cannot be paid. A Members' Voluntary Liquidation is for a solvent company, where directors can confirm solvency. The processes and requirements are different, so it is important to get the correct advice before proceeding.

Employees are usually made redundant when a company enters liquidation. The liquidator will handle their claims for unpaid wages, holiday pay, and redundancy payments. These claims may be paid from the National Insurance Fund, subject to statutory limits. The liquidator will provide the necessary forms and guidance.

Generally, no. A director is not personally liable for company debts if they have acted correctly. However, if there has been wrongful trading, fraudulent activity, or a breach of director duties, personal liability can arise. The liquidator will investigate your conduct and report any concerns.

You will need to provide company records, including accounts, bank statements, and details of debts and assets. You must also provide a statement of affairs, which lists what the company owns and owes. The liquidator will guide you on exactly what is required and help you complete the necessary documentation.

Yes, you can start a new business after liquidation. However, there are restrictions. You cannot use the same or a similar company name without permission from the court or the liquidator. You should also consider how the liquidation may affect your ability to obtain credit or open a business bank account.

You should choose a licensed insolvency practitioner who is regulated by a recognised professional body. Look for someone with experience in your industry and a clear fee structure. You can speak with a specialist listed on AccountingFirms to ensure you receive professional and regulated advice.