Expert Company LiquidatorsServing Penrith Businesses

A company liquidator is a licensed insolvency practitioner who manages the winding-up of a company. Their role includes realising assets, settling creditor claims, investigating director conduct, and ensuring the company is dissolved lawfully. They act in the interests of all stakeholders.

The cost of liquidation varies depending on the complexity of the company's affairs. Typically, fees are based on the size of the company, the number of creditors, and the work required. A licensed practitioner will provide a clear fee structure before you commit.

For a creditors' voluntary liquidation, the company's directors must pass a resolution that the company cannot continue trading due to its liabilities. For a members' voluntary liquidation, the company must be solvent, and directors must make a statutory declaration of solvency.

The duration depends on the complexity of the case. A simple members' voluntary liquidation may complete in a few months, while a creditors' voluntary liquidation can take longer, often up to a year, to allow for asset disposal and creditor claims.

Yes, you can liquidate a trading company if it is insolvent or if you wish to close a solvent business. For an insolvent company, a creditors' voluntary liquidation is common. For a solvent company, a members' voluntary liquidation is appropriate.

Alternatives include company administration, a company voluntary arrangement (CVA), or informal arrangements with creditors. These options may allow the business to continue trading or achieve a better return for creditors. A licensed practitioner can advise on the most suitable route.

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

No, a licensed insolvency practitioner can handle the entire liquidation process. However, you may choose to seek independent legal advice for personal matters, such as director guarantees or potential wrongful trading claims.

Directors must cooperate with the liquidator and provide all necessary information. If misconduct is found, such as wrongful trading or fraudulent activity, directors may face personal liability. However, most directors act in good faith and are not penalised.

Yes, you can start a new business after liquidation, but you must consider restrictions on using the same or similar company name. There are rules regarding 'phoenix' companies, and you may need to seek permission from the court or obtain a waiver.