Professional Company LiquidatorsServing Orrell Businesses

The cost varies depending on the complexity of your company's affairs, but most liquidators charge a fixed fee or a percentage of realisable assets. You will receive a clear quote before any work begins, and the fee is typically paid from company funds.

Any limited company that is insolvent—meaning it cannot pay its debts as they fall due—is eligible for creditors' voluntary liquidation. This applies regardless of the company's size or sector, as long as the directors make a statutory declaration of insolvency.

The process typically takes between six and twelve months from the date the liquidator is appointed. This period allows for asset realisation, creditor claims, and the final distribution to creditors. Complex cases with legal disputes may take longer.

Yes, you can, but time is critical. If a creditor has already presented a winding-up petition, you must act quickly to convert it to a creditors' voluntary liquidation. This gives you more control and avoids the compulsory liquidation process.

Yes, alternatives include a company voluntary arrangement, administration, or informal restructuring with creditors. A licensed insolvency practitioner can assess your cash flow and future viability to recommend the most suitable option, which may allow the business to continue trading.

Employees are made redundant when the company ceases to trade. The liquidator will assist them in claiming statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. You must provide employee details to the liquidator promptly.

No, a creditors' voluntary liquidation is a creditor-driven process that does not involve court proceedings. You will hold a virtual or physical meeting of shareholders and creditors, where the liquidator is formally appointed. Court is only required for compulsory liquidation.

Yes, a liquidator has a duty to investigate the conduct of directors in the period leading up to liquidation. If they find evidence of wrongful trading, fraudulent activity, or breach of duty, they may report you to the Insolvency Service, which could lead to disqualification.

The liquidator takes control of all company assets, sells them, and distributes the proceeds to creditors in a strict legal order. Secured creditors are paid first, followed by preferential creditors, and then unsecured creditors. Shareholders only receive funds if any surplus remains.

You should contact a licensed insolvency practitioner for a confidential consultation. They will review your financial position, confirm whether liquidation is appropriate, and guide you through the necessary resolutions and paperwork. You can then appoint them as liquidator at the creditors' meeting.