Company Liquidators in Stonefor Professional Guidance

Fees vary based on the complexity of the liquidation, the size of the company, and the amount of work involved. Typically, costs are agreed upfront and may be fixed or based on time. Always obtain a clear written quotation before proceeding, and ask about any additional expenses that may arise.

Any limited company that is insolvent, meaning it cannot pay its debts as they fall due, may be eligible for creditors' voluntary liquidation. Alternatively, a solvent company can use members' voluntary liquidation to close and distribute assets. Eligibility also depends on the company's constitution and the directors' solvency statement.

The process typically involves a board meeting, a shareholders' resolution to wind up, and the appointment of a licensed insolvency practitioner as liquidator. The liquidator then realises assets, agrees claims with creditors, and distributes any remaining funds. Finally, the company is dissolved and removed from the register.

The duration depends on the complexity of the case. A straightforward creditors' voluntary liquidation may complete in six to twelve months, while more complex cases with disputed claims or asset realisation can take longer. The liquidator will provide an estimated timeline at the outset.

Yes, alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to rescue the business as a going concern, or informal restructuring with creditors. Each option has different implications, so it is important to seek professional advice to determine the most suitable route.

Yes, it is possible to liquidate a company with no assets, but creditors may still be owed money. In such cases, the liquidator's fees may need to be funded by the directors or from other sources. This is often referred to as a 'no-asset liquidation' and requires careful planning.

Employees are made redundant when a company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and other statutory entitlements from the National Insurance Fund. The liquidator provides the necessary forms and guidance to help employees make their claims.

If you have borrowed money from your company, that loan is an asset of the company. During liquidation, the liquidator is obliged to recover it for the benefit of creditors. You may need to repay the loan, or it may be written off if you cannot pay, but this can have tax implications.

Yes, you can liquidate a company with outstanding tax debts. HM Revenue & Customs is an unsecured creditor and will be notified of the liquidation. You must disclose all liabilities, and the liquidator will deal with the claims. However, directors may face personal liability if tax evasion is involved.

The liquidator is a licensed insolvency practitioner who takes control of the company's affairs, realises assets, investigates the conduct of directors, and distributes proceeds to creditors. They also ensure that the liquidation is conducted lawfully and report any misconduct to the appropriate authorities.