Expert Company LiquidatorsServing Rectory Grove

Costs vary based on complexity, asset value, and the number of creditors. For a simple solvent liquidation, fees might start from a few thousand pounds, while insolvent cases with many creditors can be higher. A licensed practitioner will provide a fixed fee quote before you commit, so you know exactly what to expect.

Eligibility depends on your company's solvency status. For a creditors' voluntary liquidation, the company must be insolvent, meaning it cannot pay debts as they fall due. For a members' voluntary liquidation, the company must be solvent, with directors able to make a statutory declaration of solvency. A professional will confirm which route applies.

The process begins with a meeting of shareholders or directors, depending on the type of liquidation. For insolvent cases, a creditors' meeting is called, and a licensed insolvency practitioner is appointed. They then take control of assets, notify creditors, and distribute proceeds according to legal priority. The entire process typically takes several months.

A solvent members' voluntary liquidation can be completed in as little as six to nine months, provided all assets are realised quickly. An insolvent creditors' voluntary liquidation often takes longer, sometimes twelve months or more, due to investigations and creditor claims. The timeline depends on the complexity of the company's affairs.

Yes, alternatives include a company voluntary arrangement (CVA), administration, or informal restructuring. A CVA allows you to repay debts over a period while continuing to trade. Administration provides a moratorium from creditors, giving time to rescue the business. A licensed professional can advise which option is most suitable for your circumstances.

Employees are made redundant when a company enters liquidation, unless a buyer is found for the business as a going concern. The liquidator will assist with redundancy claims to the government's redundancy payments service. If the business is sold, employees may transfer under TUPE regulations, preserving their jobs.

You can continue trading while you assess options, but you must not incur further credit if you know the company is insolvent. Doing so could lead to wrongful trading claims against you personally. It is wise to seek professional advice immediately if you are concerned about solvency, to protect your position.

Directors must cooperate fully with the liquidator, providing all company records, accounts, and explanations. They must not conceal assets or destroy documents. Directors also have a duty to avoid wrongful trading and to consider creditor interests when insolvency is inevitable. Failure to comply can lead to personal liability or disqualification.

Generally, no, because a company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, misused funds, or engaged in wrongful trading. A liquidator will investigate your conduct, and if they find evidence of misfeasance, they may seek recovery from you personally.

Choose a licensed insolvency practitioner who is regulated by a recognised professional body, such as the ICAEW or ACCA. Look for experience with companies of your size and sector. Ask about fees, communication, and the expected timeline. A good liquidator will be transparent and provide references from previous clients.