Professional Company Liquidators inTewkesbury Glos

A licensed insolvency practitioner takes control of the company, realises assets, investigates director conduct, and distributes funds to creditors in the correct statutory order. They also handle legal filings and communicate with all parties, ensuring the company is formally dissolved at the end of the process.

Costs vary depending on the size and complexity of the company. Typically, fees are based on the value of assets realised and the time involved. Some practitioners offer a fixed fee for straightforward cases. Always request a written quote before proceeding, and check if any disbursements are extra.

Yes, you can enter liquidation even if the business is still trading, provided it is insolvent. A director must file a declaration of solvency if they believe the company can pay debts within 12 months, which leads to a members' voluntary liquidation. Otherwise, a creditors' voluntary liquidation is used.

The timeline depends on the complexity of the case. A straightforward creditors' voluntary liquidation might conclude within six to nine months, but cases with complex asset sales or legal disputes can take longer. The liquidator will provide a realistic estimate after reviewing the company's affairs.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to protect the business from creditors while restructuring, or a formal restructuring plan. Each option has different implications for directors, creditors, and employees, so professional advice is essential.

No, once a liquidator is appointed, they take control of the company. You lose the power to manage its affairs, and the liquidator's role is to wind down operations. If you wish to continue trading, you must explore other options like administration or a CVA before liquidation is finalised.

Employees are made redundant immediately unless the liquidator retains them temporarily to assist with asset realisation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund, but this is not guaranteed for all amounts. The liquidator will provide claims forms.

Generally, no – limited liability protects directors from personal responsibility for company debts. However, if you have given personal guarantees, signed a director's loan account, or engaged in wrongful trading, you could be pursued personally. The liquidator will investigate your conduct and may take action if necessary.

Look for a licensed insolvency practitioner who is authorised by a recognised professional body, such as the Insolvency Practitioners Association. Check their experience with companies of your size and sector, ask for references, and ensure they provide a clear fee structure. A local practitioner is often preferable for convenience.

Creditors' voluntary liquidation is initiated by the directors when the company is insolvent, and shareholders pass a resolution to wind up. Compulsory liquidation is a court order, usually following a creditor's petition. The latter is more formal and often carries greater scrutiny of director conduct.