Professional Company LiquidatorsGuidance in Rowledge

A company liquidator is a licensed insolvency practitioner who manages the closure of a company. They realise assets, settle creditor claims, and distribute any remaining funds to shareholders. They also investigate the conduct of directors and report to creditors as required by law.

Costs vary depending on the complexity of the case, the size of the company, and the number of creditors. Typically, fees are based on time spent or a fixed fee agreed upfront. Always request a detailed quote from a licensed practitioner before proceeding.

Creditors' voluntary liquidation is initiated by directors when the company is insolvent. Compulsory liquidation is forced by a court order, usually after a creditor files a petition. The process differs in control and timeline, but both result in the company being wound up.

The duration depends on the complexity of the case. A simple creditors' voluntary liquidation may take six to twelve months, while a complex case with many assets or disputes can take longer. The liquidator must file final accounts and notify Companies House at the end.

Yes, if your company is solvent and you wish to close it, you can use a members' voluntary liquidation. This requires a statutory declaration of solvency and is typically used for companies that have no debts and are being closed for commercial reasons.

Employees are made redundant when the company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and other statutory entitlements from the National Insurance Fund. The liquidator will provide guidance on making these claims.

Alternatives include a company voluntary arrangement, administration, or informal restructuring with creditors. A licensed insolvency practitioner can assess whether a rescue or recovery option is viable before recommending liquidation. Each option has different legal and financial implications.

Directors must cooperate fully with the liquidator, providing all company records and information. They must not dispose of assets or prejudice creditors' interests. Failure to cooperate can lead to personal liability or disqualification as a director.

Yes, you can start a new business, but there are restrictions if you have been disqualified as a director. You may also face difficulties obtaining credit or opening a bank account. It is advisable to seek legal advice before doing so.

Choose a licensed insolvency practitioner with experience in your industry and a track record of successful liquidations. Check their regulatory status, ask for references, and ensure they provide clear, transparent fees. AccountingFirms can connect you with regulated professionals.