Company Liquidators in Norwichfor Professional Advice and Support

A company liquidator is a licensed insolvency practitioner who takes control of the company, realises its assets, and distributes the proceeds to creditors in a fair and legal order. They also investigate the directors' conduct and report to the relevant authorities if necessary.

The cost of a Creditors' Voluntary Liquidation (CVL) typically ranges from £4,000 to £8,000 plus VAT, depending on the complexity of the company's affairs. The liquidator's fee is paid from the company's assets, but if assets are insufficient, directors may need to fund the process personally.

Directors can appoint a liquidator by passing a board resolution and obtaining shareholder approval to place the company into Creditors' Voluntary Liquidation. Alternatively, a creditor can petition the court to wind up the company compulsorily, but this is less common.

The initial meeting of creditors usually takes place within two to four weeks of the decision to liquidate. The liquidation itself can last from six months to over a year, depending on the complexity of realising assets, dealing with claims, and concluding investigations.

No, once a company enters liquidation, the liquidator takes over control, and the directors' powers cease. Trading must stop immediately unless the liquidator decides to continue for a short period to sell stock or complete contracts in the best interests of creditors.

A Creditors' Voluntary Liquidation (CVL) is initiated by the directors and shareholders, whereas compulsory liquidation is forced by a creditor through a court order. CVL is generally less adversarial and gives directors more control over the choice of liquidator.

Yes, alternatives include administration, company voluntary arrangements (CVA), or informal arrangements with creditors. If the company is viable but struggling with debt, a CVA or administration may allow it to continue trading. A licensed professional can help you assess which route is appropriate.

Employees are made redundant when a company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and other statutory entitlements from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to affected employees.

In most cases, directors are not personally liable for company debts, but there are exceptions. If you have given personal guarantees, acted fraudulently, or traded while insolvent (wrongful trading), you may be pursued personally. Professional advice is essential to avoid these risks.

Choose a licensed insolvency practitioner who is authorised by a recognised professional body such as the IPA or ICAEW. Look for someone with experience in your industry and a clear fee structure. You can connect with a specialist listed on AccountingFirms who meets these criteria.