Professional Company LiquidatorsServing St Helens

A licensed insolvency practitioner acts as the liquidator. Their primary role is to take control of the company's assets, sell them, and distribute the proceeds to creditors in a fair and legally compliant manner. They also investigate the directors' conduct and report to the relevant authorities if any wrongdoing is found.

The cost of a Creditors' Voluntary Liquidation can vary depending on the complexity of the company's affairs. Typically, fees are based on the work involved and the value of the assets realised. It is important to get a clear, fixed-fee quotation from a licensed practitioner before you commit to any formal process.

Your 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 a meeting of shareholders is required to approve the appointment of the liquidator. A licensed insolvency practitioner will assess the company's financial position to confirm eligibility.

The process typically takes between six and twelve months to conclude. This timeline depends on the complexity of the company's financial affairs, the ease of selling assets, and whether any legal issues arise. The liquidator will provide a more accurate estimate after their initial review of the company's records.

No. Once a company enters a Creditors' Voluntary Liquidation, the directors' powers cease. The appointed liquidator takes full control of the company's affairs. Trading is generally not permitted unless the liquidator decides it is necessary to sell stock or complete a contract for the benefit of creditors.

A Creditors' Voluntary Liquidation is a terminal process that ends with the company being dissolved. Administration, on the other hand, is designed to rescue the company as a going concern. An administrator is appointed to protect the business from creditors while a plan to restructure or sell the company is developed.

Yes, there are several alternatives. A Company Voluntary Arrangement allows you to repay a portion of your debts over a set period. An informal agreement with creditors can also be negotiated. A licensed insolvency practitioner can review your financial situation and advise on the most suitable course of action.

When a company enters liquidation, all employees are automatically made redundant. The liquidator will handle the redundancy process and ensure that employees receive their statutory entitlements, such as unpaid wages and holiday pay. Claims for these payments can be made to the National Insurance Fund.

Generally, no. The primary benefit of a limited company is that the directors are not personally liable for the company's debts. However, personal liability can arise if you have given a personal guarantee for a loan or if you have acted wrongfully, such as trading while knowingly insolvent or misusing company funds.

The first step is to contact a licensed insolvency practitioner for an initial consultation. They will assess your company's financial position and explain all the available options. If liquidation is the right choice, they will guide you through the necessary resolutions and paperwork to formally appoint them as liquidator.