Finding Company Liquidators inSouthease for Sound Advice

A licensed insolvency practitioner acts as the liquidator, taking control of the company's assets, realising them for the benefit of creditors, and distributing the proceeds according to the statutory hierarchy. They also investigate the directors' conduct and report to creditors, ensuring the process is transparent and compliant with insolvency law.

The cost varies depending on the complexity of the company's affairs, the number of creditors, and the value of assets. Most licensed practitioners offer a fixed fee for a standard creditors' voluntary liquidation, which typically ranges from £4,000 to £8,000 plus VAT and disbursements. Always obtain a written quote before proceeding.

Yes, a solvent company can be closed down through a members' voluntary liquidation, which requires a declaration of solvency from the directors. This process is used when the company has enough assets to pay all debts in full, usually within 12 months, and is often part of a tax-efficient exit strategy.

A creditors' voluntary liquidation is initiated by the directors and shareholders, who pass a resolution to wind up the company because it cannot pay its debts. A compulsory liquidation is a court order obtained by a creditor, often following a statutory demand or a county court judgment. The former gives directors more control over the choice of liquidator.

The length depends on the complexity of the case. A straightforward creditors' voluntary liquidation may conclude within six to nine months, but if there are complex asset realisations, legal disputes, or investigations into director conduct, it can take several years. The liquidator must file final accounts with the registrar of companies.

Generally, no, as limited liability protects directors from personal liability for company debts. However, personal liability can arise if you have given a personal guarantee, traded wrongfully, or misapplied company assets. A licensed insolvency practitioner will assess whether any such issues exist and advise you accordingly.

Yes, but you must continue to trade within the law and avoid increasing the company's debt without reasonable prospect of repayment. Once a decision to liquidate is made, you should stop taking on new credit and seek professional advice immediately to avoid allegations of wrongful trading.

There are several alternatives, including a company voluntary arrangement (CVA), administration, or a formal restructuring plan. A CVA allows the company to repay a proportion of its debts over a period, whilst administration provides a moratorium from creditor action. Your chosen insolvency practitioner can explain which option best suits your circumstances.

Yes, you have a legal obligation to consult with employees or their representatives about the proposed liquidation. They must be given at least 30 days' notice if you are dismissing more than 20 employees, and 45 days if more than 100. The liquidator will also handle redundancy claims through the National Insurance Fund.

You must provide all accounting records, including ledgers, sales and purchase invoices, bank statements, and any asset registers. You also need to provide details of all creditors, employee contracts, and any leases or hire purchase agreements. Failure to produce proper records can lead to personal liability or disqualification as a director.