Professional Company LiquidatorsServing Oswestry Businesses

A company liquidator is a licensed insolvency practitioner who takes control of an insolvent company, realises its assets, distributes the proceeds to creditors, and then formally dissolves the company. They also investigate the conduct of directors and report to the relevant authorities if necessary.

The cost varies depending on the size and complexity of the company. Typically, the liquidator's fees are paid from the company's assets, but if there are insufficient assets, creditors may need to fund the process. You should obtain a clear written quote before proceeding.

Yes, it is possible to liquidate a company with no assets, but the process may be funded by the directors or creditors. In some cases, a director may apply for a moratorium to allow time to arrange funding. A licensed insolvency practitioner can advise on the best course of action.

The length of time depends on the complexity of the case. A straightforward creditors' voluntary liquidation might be completed in six to twelve months, but cases involving asset realisation or investigations can take longer. The liquidator will provide an estimated timeline at the outset.

Compulsory liquidation is ordered by a court, usually following a winding-up petition from a creditor. Voluntary liquidation is initiated by the directors and shareholders. In a creditors' voluntary liquidation, the creditors control the process, whereas in a members' voluntary liquidation, the company is solvent.

Once a liquidation order is made, the directors' powers cease, and the liquidator takes control. You cannot continue trading without the liquidator's consent. If you wish to continue trading, you should consider alternative options such as a company voluntary arrangement or administration.

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

Yes, there are several alternatives, including a company voluntary arrangement (CVA), administration, or a formal restructuring. You might also consider negotiating directly with creditors or seeking a debt repayment plan. A licensed insolvency practitioner can help you assess which option is most suitable.

Directors can be held personally liable for debts incurred through wrongful trading or if they have acted in breach of their duties. They may also be liable for any assets removed from the company improperly. It is essential to seek professional advice early to minimise personal risk.

You should choose a licensed insolvency practitioner who is authorised by a recognised professional body. Look for someone with experience in your industry and who offers a clear fee structure. You can also ask for recommendations from your accountant or solicitor.