Professional Company Liquidators inSeven Kings for Your Business

A company liquidator is a licensed insolvency practitioner who takes control of the company, realises its assets, settles debts in the statutory order, and brings the company to a formal end. They act in the interests of creditors while ensuring directors receive fair treatment and advice throughout the process.

The cost of a liquidation varies based on the complexity of the case, the size of the company, and the number of creditors. For a Creditors' Voluntary Liquidation (CVL), fees are often paid from company assets, but you should always obtain a clear written quote from a licensed professional before proceeding.

A Creditors' Voluntary Liquidation (CVL) is initiated by the directors and shareholders when the company is insolvent. A compulsory liquidation is a court order obtained by a creditor. A CVL gives directors more control over the choice of liquidator and the process, while compulsory liquidation is forced and less flexible.

The initial meeting and appointment of the liquidator can happen within a few weeks of the decision. The full liquidation process, including asset realisation and distribution to creditors, typically takes between six and twelve months, though more complex cases may take longer. Your liquidator will give you a realistic timeline.

Trading while insolvent can lead to personal liability for wrongful trading if you do not take every step to minimise losses to creditors. It is essential to seek professional advice immediately if you suspect insolvency. A licensed liquidator can help you decide whether to continue trading temporarily or cease operations.

Employees are made redundant when the company enters liquidation. 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 help employees make these claims, ensuring they receive their statutory entitlements.

Yes, alternatives include a Company Voluntary Arrangement (CVA) to repay debts over time, administration to restructure the business, or a formal restructuring plan. These options may allow the company to continue trading. A licensed insolvency practitioner will assess your situation and recommend the most suitable route.

To enter a CVL, the company must be insolvent, meaning it cannot pay its debts as they fall due. The directors must pass a resolution to wind up the company, and shareholders must approve it. A licensed insolvency practitioner must be appointed to act as the liquidator.

Yes, unless you are disqualified by a court or the Insolvency Service. In some cases, directors may be subject to a disqualification order if they have acted improperly. However, in a straightforward CVL, you are usually free to continue as a director of other companies, subject to any restrictions.

You will need to provide the company's financial records, including accounts, bank statements, tax returns, and details of assets and liabilities. You should also list any creditors and employees. The liquidator will review these documents to understand the financial position and conduct the liquidation properly.