Company Liquidators in SurreyYour Trusted Local Guide

The cost of a creditors' voluntary liquidation (CVL) typically ranges from £4,000 to £8,000 plus VAT, depending on the complexity of the company's affairs. The liquidator's fee is paid from the company's assets, and in some cases, the director may need to contribute if assets are insufficient. Always obtain a fixed-fee quote before proceeding.

A creditors' voluntary liquidation can be completed in as little as six to eight weeks from the date the resolution is passed. The liquidator then realises assets and distributes funds to creditors, which can take several months. The formal closure of the company occurs when the liquidator files final accounts with Companies House.

Yes, you can liquidate an insolvent company with no assets. This is often referred to as a 'no-asset liquidation'. The liquidator's fee may be covered by the director's contribution or by funds from the company's bank account. It is important to seek advice to ensure that the liquidation is carried out properly and that all legal requirements are met.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to restructure the business, or informal arrangements with creditors. If the company is viable, a CVA or administration may allow the business to continue trading. A licensed insolvency practitioner can help you assess which option is best for your circumstances.

A company liquidator is a licensed insolvency practitioner who takes control of the company's affairs, realises its assets, and distributes the proceeds to creditors. They also investigate the conduct of directors and report any misconduct to the Insolvency Service. Their duty is to act in the best interests of creditors while ensuring compliance with insolvency law.

Choose a licensed insolvency practitioner who is authorised by a recognised professional body, such as the Insolvency Practitioners Association or the ICAEW. Look for someone with experience in your industry and a transparent fee structure. You can also check reviews and ask for recommendations from your accountant or solicitor.

Employees are made redundant when a company goes into liquidation. They may be entitled to claim statutory redundancy pay, unpaid wages, holiday pay, and other arrears from the National Insurance Fund. The liquidator will provide them with the necessary forms and guidance on how to make a claim. Employees are preferential creditors for certain claims.

In most cases, directors are not personally liable for company debts. However, personal liability can arise if you have given personal guarantees, or if you have acted wrongfully, such as trading while insolvent. The liquidator can seek a court order to make you personally contribute to the company's assets if you have breached your duties.

Voluntary liquidation is initiated by the directors or shareholders, usually through a creditors' voluntary liquidation (CVL) when the company is insolvent. Compulsory liquidation is a court order obtained by a creditor who petitions for the company to be wound up. Compulsory liquidation is often the result of an unpaid judgment debt and carries additional costs.

When a company goes into liquidation, its contracts are typically terminated, as the company no longer has the capacity to perform them. Suppliers, customers, and other parties may have rights to claim damages for breach of contract as unsecured creditors. The liquidator will review all contracts and decide whether to adopt any that are beneficial to the estate.