Professional Company LiquidatorsServing Petersfield Businesses

The cost varies based on company size, asset complexity, and creditor structure. Typically, fees range from £4,000 to £8,000 plus VAT, but a licensed insolvency practitioner will provide a fixed fee quote after a free initial assessment. Always ask for a written breakdown before proceeding.

Eligibility depends on whether your company is insolvent, meaning it cannot pay debts as they fall due, or has liabilities exceeding assets. A licensed practitioner will review your financial position and confirm if creditors' voluntary liquidation or another procedure is appropriate.

Directors pass a resolution to wind up, then appoint a licensed insolvency practitioner. A meeting of creditors is held to approve the liquidation, after which the practitioner realises assets, investigates affairs, and distributes funds to creditors in statutory order.

The process typically completes within 6 to 12 months, depending on asset realisation and any investigations. Unsecured creditors usually receive their final dividend after this period, and the company is then dissolved and removed from the register.

Yes, alternatives include company voluntary arrangement, administration, or informal restructuring. A licensed practitioner will assess whether a rescue plan is feasible, potentially allowing the business to continue trading while repaying creditors over time.

Directors must cooperate with the liquidator, provide full financial records, and avoid preferential treatment of any creditor. They must also refrain from wrongful trading, which means continuing to trade while knowing the company cannot avoid insolvent liquidation.

Yes, a solvent company can be closed via members' voluntary liquidation, which requires a declaration of solvency. This process is faster and cheaper, and any surplus assets are distributed to shareholders after creditors are paid in full.

Employees are preferential creditors for unpaid wages up to a statutory limit, holiday pay, and pension contributions. They may also claim redundancy pay from the National Insurance Fund, but the liquidator will guide them on the correct process.

Generally, no, as limited liability protects directors. However, if you have given personal guarantees, or if wrongful trading or fraudulent activity is proven, you could be held personally liable. A licensed practitioner will advise on your specific exposure.

Look for a licensed insolvency practitioner who is authorised by a recognised professional body, such as the Insolvency Practitioners Association. Check their experience with small and medium enterprises, request a clear fee structure, and ensure they offer a face-to-face consultation.