Professional Company LiquidatorsSalisbury

Costs vary depending on the complexity of the company's affairs, the number of creditors, and the value of assets. A licensed insolvency practitioner will provide a fixed fee quote before you commit. Generally, fees range from a few thousand pounds upwards, but always request a detailed breakdown to avoid surprises.

Any limited company that is insolvent, meaning it cannot pay its debts as they fall due, is eligible for creditors' voluntary liquidation. If the company is solvent but you wish to close it, a members' voluntary liquidation may be appropriate. A licensed practitioner will assess your financial position and confirm eligibility.

The process begins with an initial consultation where the insolvency practitioner reviews your financial records. If liquidation is agreed, a meeting of shareholders is held to pass a resolution, followed by a creditors' meeting. The liquidator then takes control of assets, settles debts, and formally dissolves the company.

Typically, a straightforward creditors' voluntary liquidation takes between six and twelve months to complete. However, the exact timeline depends on how quickly assets are sold, the complexity of creditor claims, and whether any investigations are required. Your liquidator will provide a realistic estimate at the outset.

Yes, alternatives include company voluntary arrangements (CVAs), administration, or informal arrangements with creditors. If the business is viable but struggling with debt, a CVA allows you to repay creditors over time while continuing to trade. A licensed insolvency practitioner can explain which option best suits your circumstances.

When a company enters liquidation, employees are automatically made redundant. The liquidator is responsible for ensuring employees receive their statutory entitlements, including unpaid wages, holiday pay, and redundancy pay. Claims for these amounts are made to the National Insurance Fund, which provides a safety net for workers.

Yes, it is possible to liquidate a company with no assets. In such cases, the liquidation is often funded by the directors or through a pre-pack arrangement. The insolvency practitioner will need to confirm that there are sufficient funds to cover their fees, otherwise the company may be struck off instead.

Directors must cooperate fully with the liquidator, providing all relevant books, records, and information. They must also avoid wrongful trading, which means continuing to trade while knowing the company is insolvent. Failure to comply can result in personal liability, disqualification, or even criminal prosecution.

Generally, directors are not personally liable for company debts if they have acted properly and within the law. However, personal liability may arise if you have given personal guarantees, misused company funds, or engaged in fraudulent or wrongful trading. A licensed insolvency practitioner can advise on your specific exposure.

Look for a licensed insolvency practitioner who is regulated by a recognised professional body, such as the Insolvency Practitioners Association. Seek recommendations, check reviews, and arrange initial consultations with several practitioners. Choose someone who communicates clearly, offers transparent fees, and has experience with companies similar to yours.