Expert Company LiquidatorsServing Norwell Businesses

The cost varies based on company complexity, asset value, and creditor numbers. Most licensed insolvency practitioners provide a fixed fee quote after an initial free consultation. This fee is often paid from company assets, but you should confirm this and get a clear breakdown before proceeding.

A Creditors' Voluntary Liquidation is available to insolvent companies, meaning they cannot pay their debts as they fall due. Directors must pass a resolution and declare insolvency. A licensed IP will assess your financial position to confirm eligibility and guide you through the formal process.

The process begins with a meeting of directors to pass a resolution. You then instruct a licensed insolvency practitioner who will prepare a statement of affairs and convene a creditors' meeting. Once approved, the liquidator takes control of the company's assets and affairs.

The initial appointment can happen quickly, sometimes within a few weeks of your first consultation. However, the entire liquidation process, including asset realisation and distributing funds to creditors, can take between 6 and 12 months, depending on the complexity of the case.

Yes, alternatives include a Company Voluntary Arrangement to repay debts over time, administration to restructure the business, or a formal dissolution if the company is solvent. An insolvency practitioner can assess your financial position and recommend the most suitable course of action.

The appointed liquidator will review employee claims. Employees may be entitled to claim statutory redundancy payments and unpaid wages from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to help employees understand their rights and make claims.

Yes, you can start a new business, but there are restrictions. If you have been a director of a company that has entered liquidation, you may be subject to restrictions or disqualification. You should seek professional advice to understand your personal position before trading again.

Directors have a duty to cooperate fully with the liquidator. This includes providing all company records, financial information, and a statement of affairs. You must also answer questions about the company's trading history and your conduct as a director to ensure a smooth process.

A Statement of Affairs is a formal document that lists the company's assets, liabilities, and creditor details. It is a legal requirement and is used to establish the financial position at the date of liquidation. The liquidator will help you prepare this document accurately.

Generally, you are not personally liable for company debts if you have traded properly and not given personal guarantees. However, personal liability can arise if you have been involved in wrongful trading or have used company funds for personal gain. An insolvency practitioner can review your case.