Company Liquidators in Teddington MiddlesexYour Local Insolvency Specialists

A licensed insolvency practitioner acts as liquidator, taking control of the company's assets, realising them for the benefit of creditors, investigating the company's affairs, and ensuring the legal process is followed correctly. They also deal with creditor claims and distribute any available funds.

The cost of liquidation varies depending on the complexity of the case, the size of the company, and the work involved. Typically, fees are taken from the company's assets, but if there are no assets, creditors may fund the process. You should discuss fees upfront with your chosen practitioner.

A company can be liquidated voluntarily by its directors or shareholders, or compulsorily by a court order, usually at the request of a creditor. Directors can initiate a creditors' voluntary liquidation if the company is insolvent. Shareholders can also wind up a solvent company.

The length of the process depends on the complexity of the case. A simple creditors' voluntary liquidation may conclude within six to twelve months, but cases with complex asset realisations or investigations can take longer. Your liquidator will provide a timeline based on your circumstances.

Liquidation is the final closure of a company, selling assets to pay creditors and then dissolving the entity. Administration is a rescue process aimed at saving the business as a going concern, either through a restructure or a sale, with the company emerging from administration or moving to liquidation.

Once liquidation begins, the liquidator takes control and trading generally ceases. However, in some cases, the liquidator may continue trading briefly to complete work in progress or sell the business as a going concern. You cannot continue to trade as director once liquidation starts.

Employees are made redundant when a company goes into liquidation, unless the business is sold as a going concern and they are transferred. The liquidator handles employee claims for unpaid wages, holiday pay, and redundancy, which may be paid from the National Insurance Fund, subject to statutory limits.

Generally, directors are not personally liable for company debts if they have acted properly. However, if you have given personal guarantees, you will be liable. Additionally, if you have engaged in wrongful trading or misfeasance, you could face personal liability or disqualification.

Yes, a solvent company can be liquidated through a members' voluntary liquidation, which is used to close a company that can pay its debts in full. This process is often used for companies that have served their purpose or are being restructured, and it can be completed efficiently.

Alternatives include administration, company voluntary arrangements, or informal arrangements with creditors. You might also consider restructuring, refinancing, or selling the business. A licensed insolvency practitioner can assess your situation and advise on the most appropriate solution, potentially saving the business.