Professional Company Liquidatorsin Suton

The cost of liquidation varies depending on the complexity of your company's affairs, the number of assets, and the level of creditor involvement. A licensed insolvency practitioner will provide a fixed fee quote after an initial assessment. Always ask for a clear breakdown of fees before you commit to any action.

Yes, it is possible to liquidate a solvent company through a members' voluntary liquidation, provided the directors can make a statutory declaration of solvency. If the company is insolvent but still trading, you should seek immediate advice to avoid wrongful trading claims and to ensure that all creditors are treated fairly.

The duration depends on the type of liquidation. A creditors' voluntary liquidation can take several months to complete, while a compulsory liquidation may take longer due to court proceedings. The liquidator will provide a timeline based on the specific circumstances of your company and the complexity of realising assets.

A creditors' voluntary liquidation is used for insolvent companies, where the liquidator realises assets to pay creditors. A members' voluntary liquidation is for solvent companies, where the directors swear a declaration of solvency, and the company is wound up to distribute surplus assets to shareholders. The choice depends on your company's financial position.

Employees are made redundant when a company goes into liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to help employees understand their rights and how to make a claim.

No, once a company enters liquidation, it ceases to trade immediately. The liquidator takes control of the company's assets and affairs. If you wish to continue in business, you may be able to start a new company, but you should be aware of restrictions on using the same or a similar name, as this could be a breach of insolvency law.

Alternatives include a company voluntary arrangement, which allows you to repay debts over a period, or administration, which aims to rescue the company as a going concern. Informal arrangements with creditors may also be possible. A licensed insolvency practitioner can help you assess which option is best for your situation.

For a creditors' voluntary liquidation, you do not need to attend court. The process is initiated by a board resolution and a meeting of creditors. For a compulsory liquidation, a court order is required, and you may need to attend a hearing. Your insolvency practitioner will advise on the specific requirements.

Yes, you can liquidate a company with no assets, but the process may be more complex. In such cases, the liquidator may need to investigate the company's affairs and may require funding from the directors to cover costs. Alternatively, you might consider applying for a striking-off, but this is only suitable if the company has no debts and is not trading.

A liquidator is a licensed insolvency professional who takes control of the company, realises assets, investigates the company's affairs, and distributes proceeds to creditors. They also have a duty to report any wrongful trading or director misconduct. Their primary role is to act in the best interests of creditors while ensuring compliance with insolvency law.