Professional Company LiquidatorsServing Rustington Businesses

A company liquidator is an insolvency practitioner who manages the closure of a company. They sell assets, settle debts with creditors in the correct order, investigate the conduct of directors, and finally dissolve the company. Their role is to ensure the process is fair and complies with all legal requirements.

The cost of liquidation varies depending on the complexity of your case, the number of assets, and the level of creditor involvement. Typically, fees range from a few thousand pounds for a simple creditors' voluntary liquidation to more for complex cases. Always obtain a fixed fee quote before proceeding.

A straightforward creditors' voluntary liquidation can be completed in around six to twelve months. This includes the time to sell assets, agree claims with creditors, and finalise the dissolution. More complex cases with legal disputes or investigations can take longer, sometimes several years.

Yes, you can liquidate a company that has no assets. This is often done through a creditors' voluntary liquidation, where the liquidator's fee is paid by the directors or from funds within the company. Alternatively, a striking off process might be suitable if the company has no debts and is not trading.

Voluntary liquidation is initiated by the directors or shareholders, typically through a creditors' voluntary liquidation when the company is insolvent. Compulsory liquidation is forced by a court order, usually following a petition from a creditor. The process and implications differ significantly, so professional advice is essential.

Yes, alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to restructure the business, or informal arrangements with creditors. Each option has its own advantages and drawbacks. A licensed insolvency practitioner can help you assess which route is most suitable for your situation.

When a company goes into liquidation, employees are made redundant. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to ensure employees receive their statutory entitlements.

Yes, you can start a new company after liquidation, but there are restrictions. If you were a director of a company that went into insolvent liquidation, you may be subject to a disqualification order. You must also avoid using a similar company name that could be seen as trading under a prohibited name without permission.

Wrongful trading occurs when a director continues to trade while knowing that the company cannot avoid insolvent liquidation, and they do not take steps to minimise losses to creditors. This can result in personal liability for the director. Seeking advice early can help you avoid this risk.

Choose a licensed insolvency practitioner with experience in your industry and a track record of handling similar cases. Look for a member of a recognised professional body, such as the Insolvency Practitioners Association. Obtain a fixed fee quote and ask for references to ensure you receive reliable and professional service.