Professional Company LiquidatorsGuidance Across Stockport

The cost varies depending on the complexity of your company's affairs, asset values, and creditor structure. Most licensed insolvency practitioners provide a fixed fee quote after an initial assessment. You should always request a detailed breakdown of fees before agreeing to proceed with any formal liquidation process.

Your company is eligible for creditors voluntary liquidation if it is insolvent, meaning it cannot pay its debts as they fall due. This is typically confirmed by a licensed insolvency practitioner who will review your balance sheet, cash flow position, and future trading forecasts to determine if this is the most suitable route for you.

The process begins with a meeting of directors to pass a resolution for winding up. You must then convene a meeting of creditors to nominate a licensed insolvency practitioner as liquidator. The practitioner will take control of company assets, investigate affairs, and distribute funds to creditors according to legal priority.

A compulsory liquidation typically takes between 12 and 18 months to conclude, although complex cases may take longer. The timeline depends on factors such as the number of creditors, the complexity of asset realisation, and whether any legal challenges arise during the course of the liquidation process.

Yes, alternatives include a company voluntary arrangement to repay debts over time, administration to allow a period of protection from creditors, or a formal restructuring of the business. A licensed professional can explain the full range of options and help you decide which route best protects your interests and those of your creditors.

Directors must cooperate fully with the liquidator by providing all company records, financial information, and explanations of business transactions. You must also complete a director's questionnaire and submit a statement of affairs. Failure to cooperate can result in personal liability for debts or disqualification from acting as a director.

No, when a company enters liquidation, all assets that belong to the company are sold to repay creditors. You cannot keep any company-owned assets unless you purchase them at market value from the liquidator. Personal assets that are not held within the company are generally protected from creditor claims.

Employees are made redundant immediately when a company enters liquidation. They become preferential creditors for unpaid wages and holiday pay up to certain statutory limits. The liquidator will handle redundancy claims and guide employees on how to claim from the national insurance fund for any amounts owed to them.

No, a creditors voluntary liquidation does not require any court attendance. The process is conducted through meetings of shareholders and creditors, where the appointment of the liquidator is formally confirmed. This makes it a more cost-effective and less formal process compared to compulsory liquidation which is court driven.

You should prepare a recent balance sheet, a list of all creditors and amounts owed, details of any assets owned by the company, and information about any ongoing legal claims. This allows the licensed insolvency practitioner to assess your financial position quickly and provide accurate advice on the best course of action.