Credible Company LiquidatorsSidcup Directors Trust

A licensed insolvency practitioner takes control of the company, sells its assets, and distributes the proceeds to creditors in the correct statutory order. They investigate the directors' conduct and report to the relevant authorities, ensuring the process is transparent and lawful.

Costs vary 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, creditors or directors may need to fund the process. Always ask for a clear fee structure upfront.

No, once a winding-up order is made or a creditors' voluntary liquidation is approved, the company must cease trading immediately. Continuing to trade after this point could make you personally liable for debts incurred, so it is essential to stop and seek advice before that stage.

Creditors' voluntary liquidation is initiated by the directors and shareholders when the company is insolvent, and it requires a shareholder resolution and a creditors' meeting. Compulsory liquidation is forced by a creditor through a court order, often after a winding-up petition. The former gives you more control over the process.

The entire process typically takes between six and twelve months, depending on how quickly assets can be sold and claims are resolved. The liquidator's final report is usually issued within that timeframe, but complex cases with disputes or investigations may take longer.

Yes, alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to protect the business while restructuring, or a formal restructuring plan. Each option has different implications for directors, creditors, and employees, so it is vital to explore them with a professional.

Employees are made redundant as soon as the liquidation order is made. They may be entitled to claim statutory redundancy pay, unpaid wages, holiday pay, and other arrears from the National Insurance Fund, but the liquidator will guide them through the claims process.

Generally, no, because a limited company is a separate legal entity. However, if you have given personal guarantees, acted wrongfully, or traded while insolvent, you could be pursued for repayment. The liquidator investigates your conduct and may take action if necessary.

You will need to provide the company's books and records, including accounts, bank statements, tax returns, contracts, and details of assets and liabilities. The liquidator will also ask for a statement of affairs, which lists all creditors and what is owed to each.

Look for a licensed insolvency practitioner who is regulated by a recognised professional body, such as the Insolvency Practitioners Association. Check their experience with similar companies, ask for references, and ensure they provide a clear written fee quote before you commit.