Company Liquidators in Portsmouthfor Portsmouth businesses

The cost of liquidation varies based on company size, asset complexity, and creditor numbers. Most licensed insolvency practitioners offer a fixed fee for straightforward cases, often ranging from £4,000 to £8,000 plus VAT. You should always obtain a written quotation before instructing a professional, and be wary of unusually low fees that may indicate a lack of service.

Your company is eligible for creditors' voluntary liquidation if it is insolvent, meaning it cannot pay its debts as they fall due. This includes situations where liabilities exceed assets or where cash flow is insufficient to meet obligations. A licensed insolvency practitioner will assess your financial position and confirm whether liquidation is the appropriate route.

The process begins with an initial consultation to review your financial position. If liquidation is agreed, the director calls a board meeting and then a shareholders' meeting to pass a resolution. Creditors are then invited to a separate meeting where they vote on the appointment of the liquidator. The entire process typically takes between four to six weeks.

The duration depends on the complexity of the case. A straightforward liquidation with no assets or minimal assets may be concluded within six to nine months. Cases involving asset realisation, legal disputes, or complex creditor claims can take longer, sometimes extending to two years or more. Your liquidator will provide a timeline based on your specific circumstances.

Yes, alternatives include a company voluntary arrangement (CVA), which allows you to repay debts over a period of time, or administration, which may enable business rescue. Sometimes a formal restructuring or refinancing can resolve issues. An insolvency practitioner can explain the advantages and drawbacks of each option, helping you choose the most suitable path for your company.

Employees are made redundant when a company enters liquidation, unless a buyer is found for the business as a going concern. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, notice pay, and accrued holiday pay. Claims for unpaid wages are made to the National Insurance Fund, and the liquidator will guide employees through the process.

Yes, you can start a new company after liquidation, but there are restrictions. If you have been a director of a company that entered insolvency, you may be subject to a disqualification order or undertaking, which can restrict your ability to act as a director for a specified period. You should seek legal advice before forming a new company to ensure you comply with any restrictions.

Directors have a duty to act in the interests of creditors when the company is insolvent or on the verge of insolvency. This includes avoiding wrongful trading, which means continuing to trade when you know there is no reasonable prospect of avoiding liquidation. You must also keep proper records, disclose all relevant information to the liquidator, and cooperate fully with the process.

The liquidator takes control of all company assets, including property, equipment, stock, and intellectual property. They will arrange for assets to be valued and sold, often through auction or private sale, to generate funds for creditors. Secured creditors, such as banks, have priority over certain assets, and the liquidator must ensure that the distribution follows the statutory order.

You will need to provide the company's financial records, including balance sheets, profit and loss accounts, bank statements, and tax returns. You should also supply details of all creditors, debtors, and any ongoing contracts. A list of assets and liabilities is essential. The liquidator may also require details of any transactions made in the months before liquidation to check for preferences or transactions at undervalue.