Professional Company LiquidatorsGuidance Across Northfleet

Fees vary based on the complexity of your case and the size of the company. Typically, liquidators charge either a fixed fee or a percentage of the assets realised. You should request a clear written quote before engaging any professional, ensuring there are no hidden costs.

Creditors’ voluntary liquidation is initiated by directors when the company is insolvent, requiring a shareholder resolution. Compulsory liquidation is forced by a court order, often following a winding-up petition from a creditor. Each process has different implications for control and timeline.

No, once a liquidator is appointed, they take control of the company’s affairs. You must cease trading immediately, except for actions that the liquidator explicitly authorises. Continuing to trade without permission could lead to personal liability for debts incurred.

Employees are entitled to claim redundancy pay and unpaid wages from the National Insurance Fund, but the liquidator will dismiss them shortly after appointment. The liquidator provides the necessary documentation for claims, and employees may be able to claim for notice pay and holiday pay.

The duration depends on the complexity of the company’s affairs. A straightforward creditors’ voluntary liquidation can be concluded within six to nine months, while cases with complex asset realisation or legal disputes may take longer. The liquidator provides regular updates throughout.

Yes, alternatives include a company voluntary arrangement (CVA) to restructure debts, administration to give breathing space, or informal negotiation with creditors. A licensed insolvency practitioner can assess which option is most suitable for your specific circumstances and goals.

Directors must act in the best interests of creditors rather than shareholders once insolvency is likely. This includes avoiding wrongful trading, not making preferential payments, and providing full disclosure of company assets and liabilities. Breaching these duties can lead to personal liability.

Generally, directors are not personally liable for company debts, but exceptions exist. If you have given personal guarantees, signed a personal liability notice, or engaged in wrongful trading, you may be pursued. The liquidator investigates and may take action to recover funds.

You must provide all company records, including financial statements, bank statements, contracts, and a statement of affairs listing assets and liabilities. The liquidator also requires details of any transactions in the past two years that could be scrutinised for preferences or undervalue.

Liquidation itself does not prevent you from starting a new company, but you may face restrictions if you are disqualified as a director. A disqualification order can last from two to fifteen years. It is wise to seek professional advice on how to proceed responsibly.