Expert Company Liquidatorsin Storrington

A company liquidator is a licensed insolvency practitioner who manages the closure of a company. They realise assets, settle creditor claims, and ensure legal compliance. They act in the interests of creditors while advising directors on their duties and the most efficient way to wind down the business.

Liquidation costs vary based on company complexity and asset value. For a simple creditors' voluntary liquidation, fees typically range from £4,000 to £8,000 plus VAT and disbursements. Always request a fixed-fee quote and confirm what is included before engaging a professional.

Solvent liquidation, often a members' voluntary liquidation, is used when a company can pay all debts in full. Insolvent liquidation, such as creditors' voluntary liquidation, applies when liabilities exceed assets. The process and legal duties differ significantly, so professional advice is essential.

A straightforward creditors' voluntary liquidation typically completes within six to twelve months, depending on asset realisation and creditor claims. Members' voluntary liquidations may be quicker. Complex cases with litigation or asset recovery can extend the timeline significantly.

Yes, a company with no assets can be liquidated, but creditors must agree. If there are no funds to pay liquidation costs, directors may need to consider a strike-off instead. A licensed insolvency practitioner can advise on the most cost-effective route.

Alternatives include a company voluntary arrangement (CVA), administration, or informal restructuring. A CVA allows the company to continue trading while paying creditors over time. Administration provides a moratorium from legal action. Each option has distinct implications, so professional guidance is vital.

Generally, no, if you have acted within your duties. However, personal liability can arise if you have given personal guarantees, engaged in wrongful trading, or misused funds. A liquidator will investigate and may pursue claims against directors who breached their obligations.

Once liquidation begins, directors lose control. However, before the process starts, you may continue trading to fulfil orders, but you must not incur further credit that you cannot repay. Doing so could lead to personal liability for wrongful trading.

You will need to provide company records, including accounts, tax returns, bank statements, asset registers, and details of creditors and employees. A statement of affairs listing assets and liabilities is required. The liquidator will use this information to manage the process efficiently.

Choose a practitioner who is licensed by a recognised professional body and has experience with your type of business. Ask for references and a clear fee structure. You can connect with a specialist listed on AccountingFirms, ensuring you receive regulated, professional advice.