Professional Company Liquidators inStanford Le Hope for Directors

The cost varies depending on the size and complexity of the company. Creditors' voluntary liquidation (CVL) usually requires a deposit, with the remainder paid from company assets. A licensed practitioner will provide a clear fee structure before you begin, so you know exactly what to expect.

A company is insolvent if it cannot pay its debts as they fall due, its liabilities exceed its assets, or both. You should seek professional advice as soon as you suspect insolvency, as trading while insolvent can lead to personal liability for directors.

The process involves a meeting of shareholders to pass a resolution for voluntary winding up, followed by a meeting of creditors to confirm the appointment of a liquidator. The liquidator then takes control of the company's assets, realises them, and distributes the proceeds to creditors in the statutory order.

The duration depends on the complexity of the case. A straightforward CVL may be completed in six to twelve months, but cases involving asset realisation or legal disputes can take longer. Your liquidator will provide a realistic timeline at the outset.

Yes, you can place a trading company into liquidation if it is insolvent or if the directors decide to cease trading. However, it is crucial to stop trading as soon as you know the company is insolvent to avoid wrongful trading claims.

Alternatives include a company voluntary arrangement (CVA), administration, or informal arrangements with creditors. If the company is solvent, a members' voluntary liquidation (MVL) may be appropriate. A regulated practitioner can explain which option best suits your situation.

Employees are made redundant when the company enters liquidation. They may be entitled to claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary forms and guidance.

Yes, but director loan accounts must be dealt with properly. If you owe the company money, the liquidator may require repayment. If the company owes you money, you may be treated as a creditor. Professional advice is essential to avoid personal financial loss.

A liquidator must act in the best interests of creditors, realise assets, investigate the company's affairs, and report any misconduct. They must also ensure that preferential and secured creditors are paid correctly and that distributions are made in accordance with the law.

Generally, directors are not personally liable for company debts if they have acted properly. However, personal liability can arise if you have given personal guarantees, traded while insolvent, or acted in breach of duty. A licensed practitioner can assess your exposure.