Professional Company Liquidators inRoyal Wootton Bassett

A company liquidator is a licensed insolvency practitioner who takes control of a company's affairs when it is being wound up. Their role is to sell assets, settle creditor claims in the correct order, investigate the conduct of directors, and ultimately dissolve the company. They act in the interests of creditors while ensuring the process is fair and legal.

The cost of a liquidation varies depending on the complexity of the case, the size of the company, and the number of creditors. Typically, fees are paid from the company's assets, but if there are insufficient assets, directors may need to fund the process. Always obtain a fixed-fee quote from a licensed insolvency practitioner before proceeding.

Yes, it is possible to liquidate a company with no assets, but it is often more cost-effective to apply for a striking-off if the company has no debts and is solvent. If the company is insolvent with no assets, a creditor may petition for compulsory liquidation, or you can apply for a creditors' voluntary liquidation, but you will need to fund the liquidator's fees.

A creditors' voluntary liquidation typically takes between 6 and 12 months to complete, depending on how quickly assets are sold and claims are resolved. A members' voluntary liquidation for a solvent company can be quicker, often concluding within 3 to 6 months. Compulsory liquidation may take longer due to court procedures.

Solvent liquidation, known as a members' voluntary liquidation, is used when a company can pay its debts in full within 12 months. Insolvent liquidation, or creditors' voluntary liquidation, is used when the company cannot pay its debts. The procedures differ in terms of the declaration of solvency, the role of creditors, and the liquidator's duties.

Yes, a director can apply for a creditors' voluntary liquidation by passing a board resolution and calling a meeting of shareholders. The shareholders must approve the winding-up resolution, and then a licensed insolvency practitioner is appointed as liquidator. This is a common route for directors facing insolvency.

Employees are entitled to claim certain debts from the National Insurance Fund, including arrears of wages, holiday pay, and notice pay, but only up to statutory limits. The liquidator will dismiss employees upon appointment, and they become preferential creditors for any unpaid wages up to the relevant cap.

Yes, alternatives include a company voluntary arrangement (CVA), administration, or formal restructuring. A CVA allows a company to repay debts over a period while continuing to trade. Administration provides protection from creditors while a rescue plan is attempted. A licensed insolvency practitioner can advise on the best option for your situation.

Wrongful trading occurs when a director continues to trade while knowing the company cannot avoid insolvency, and fails to take steps to minimise creditor losses. If found guilty, the court can order a director to contribute to the company's assets. This is a serious risk, so it is vital to seek professional advice early.

Yes, unless you are disqualified by a court order. However, if you have been a director of a company that went into insolvent liquidation, you may be subject to restrictions under the Company Directors Disqualification Act. It is advisable to seek legal advice before taking on new directorships.