Expert Company LiquidatorsServing Stretton Businesses

A licensed liquidator takes control of the company, realises its assets, settles outstanding debts in the correct order, and investigates the conduct of directors. They also ensure that all statutory filings are completed and the company is formally dissolved at the end of the process.

Costs vary based on the complexity of the case, the size of the company, and the number of creditors. Typically, fees are paid from the company's assets, but if there are no assets, you may need to fund the process personally. Always ask for a clear fee structure before agreeing.

Yes, it is possible to place a company into creditors' voluntary liquidation even if there are no assets. However, the liquidator's fees must be covered, often by the directors or a third party. You should seek advice to confirm the most cost-effective route for your specific circumstances.

A straightforward creditors' voluntary liquidation can take between six and twelve months to complete, depending on the complexity of the asset realisation and creditor claims. More complex cases with legal disputes or investigations can take longer. Your liquidator will give you a realistic timeline at the outset.

Voluntary liquidation is initiated by the directors or shareholders, whereas compulsory liquidation is ordered by a court, usually following a creditor's petition. Voluntary liquidation gives you more control over the choice of liquidator and the process, while compulsory liquidation removes that control.

Yes, alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to protect the business while restructuring, or a formal insolvency procedure like a scheme of arrangement. A licensed professional can help you compare these options against liquidation to find the best outcome.

In most cases, no, because a limited company is a separate legal entity. However, if you have given personal guarantees, acted fraudulently, or traded wrongfully, you could be pursued for certain debts. Your liquidator will investigate and advise you on any potential personal liability.

Employees are made redundant on the date of liquidation, and they can claim statutory redundancy pay, notice pay, and unpaid wages from the government's insolvency service. The liquidator provides the necessary documentation to support these claims and ensures that employee rights are handled correctly.

No, once a company enters liquidation, trading must stop immediately, except for actions necessary to preserve assets or complete contracts that the liquidator approves. Continuing to trade after the resolution is passed could make you personally liable for any new debts incurred.

Look for a licensed insolvency practitioner who is regulated by a recognised professional body, such as the Insolvency Practitioners Association or the Institute of Chartered Accountants. Check their experience with similar cases, read client testimonials, and confirm their fee structure in writing before you engage them.