Professional Company LiquidatorsServing Spinningfields Businesses

A licensed insolvency practitioner takes control of the company, realises its assets, investigates the directors' conduct, and distributes funds to creditors in the correct statutory order. They also deal with all legal filings and notify Companies House and HMRC of the liquidation, ensuring the process is concluded properly and the company is formally dissolved.

Fees vary depending on the complexity of the case, the number of creditors, and the work required to realise assets. Most practitioners offer a fixed fee for straightforward cases, but additional work such as investigating transactions or dealing with legal claims will increase costs. Always request a written quote before instructing anyone.

Yes, a company with no assets can still be liquidated. In this situation, the process is often funded by the directors or through a creditor's petition. The liquidator will still need to file reports and investigate the company's affairs, but the cost may be reduced because there are no assets to realise or distribute.

A Creditors' Voluntary Liquidation (CVL) is initiated by the directors and shareholders when the company is insolvent. Compulsory liquidation is forced by a creditor through a court petition. The main difference is who starts the process, but both lead to the same outcome: the company is wound up and a liquidator is appointed.

The initial appointment and creditor meeting usually happen within a few weeks. The full process, including asset realisation and final distribution, typically takes between six and twelve months. However, complex cases with legal disputes or difficult asset sales can take considerably longer to conclude.

Generally, no. Limited liability protects directors from personal responsibility for company debts. However, personal liability can arise if you have given personal guarantees, traded wrongfully, or misused company funds. A liquidator will investigate your conduct and may seek repayment if they find evidence of improper behaviour.

You can continue trading if it helps preserve value or complete work in progress, but you must not incur credit that the company cannot repay. Trading while insolvent and taking on new debts without reasonable prospect of payment could lead to wrongful trading claims against you personally.

Alternatives include a Company Voluntary Arrangement (CVA) to repay debts over time, administration to rescue the business as a going concern, or a formal restructuring. Sometimes a simple strike-off is possible if the company has no debts. A licensed practitioner can explain which option fits your circumstances best.

Employees are made redundant when a liquidator is appointed, unless a buyer is found for the business. The liquidator will assist employees in claiming statutory redundancy pay and unpaid wages from the National Insurance Fund. They must also ensure that employee claims are registered in the liquidation and paid in the correct order.

In a CVL, a virtual or physical meeting of creditors is held to approve the liquidator's appointment. Directors are expected to attend or be represented. The meeting allows creditors to ask questions and receive a report on the company's financial position. Your liquidator will guide you through the process.