Company Liquidators inOttery St Mary

The cost varies based on the size and complexity of the company. Typically, fees are drawn from the company's assets, but if there are no assets, creditors may fund the process. A licensed practitioner will provide a clear fee estimate before you commit.

Eligibility depends on whether the company is solvent or insolvent. If it cannot pay its debts as they fall due, it is insolvent. A practitioner will assess your financial position and confirm the correct procedure, whether it is a creditors' voluntary liquidation or a members' voluntary liquidation.

The directors call a board meeting to pass a resolution for liquidation, then convene a creditors' meeting. The creditors vote to appoint a liquidator, who then takes control of the company's assets, realises them, and distributes the proceeds to creditors.

A straightforward liquidation may take six to twelve months to complete, but complex cases with many assets or disputes can take longer. The liquidator works to realise assets and investigate the company's affairs before final distribution.

Yes, alternatives include administration, company voluntary arrangements, or informal negotiations with creditors. A licensed insolvency practitioner can explain each option and help you choose the one that best protects your business and stakeholders.

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

Usually no, but personal liability can arise if there is evidence of wrongful trading, fraudulent activity, or if personal guarantees were given. The liquidator will investigate the directors' conduct and may take action if misconduct is found.

The liquidator has a duty to investigate the directors' conduct and the company's affairs. They will review transactions, identify any preferences or undervalue transfers, and report to the Insolvency Service if they find grounds for disqualification.

Look for a practitioner who is regulated by a recognised professional body, such as the Insolvency Practitioners Association. You can also ask for recommendations from your accountant or solicitor, and always check their credentials before appointing.

The liquidator takes control of all company assets, sells them, and distributes the proceeds to creditors in a statutory order. Secured creditors are paid first, then preferential creditors, and finally unsecured creditors if funds remain.