Expert Company Liquidatorsin Tonbridge Kent

The cost varies depending on the complexity of your company's affairs, including the number of creditors and assets. Most liquidators charge a fixed fee for straightforward cases, often starting around £4,000 plus VAT and disbursements. You should always request a detailed quote before proceeding.

A company is eligible for a creditor's voluntary liquidation if it is insolvent, meaning it cannot pay its debts as they fall due. The directors must pass a resolution to wind up, and a meeting of creditors is then held to confirm the appointment of a liquidator.

The process typically takes between 6 and 12 months to complete, depending on the complexity of the case. Simple liquidations with few assets may conclude in as little as 4 months, while those with legal disputes or asset recovery can take longer. Your liquidator will provide a timeline.

Alternatives include a company voluntary arrangement, administration, or informal restructuring. A company voluntary arrangement allows you to repay debts over a period while trading continues. Administration provides protection from creditors while a rescue plan is attempted. A licensed professional can assess which option is most suitable.

No, once a compulsory or creditors' voluntary liquidation begins, the liquidator takes control of the company's affairs. Trading ceases immediately, except in limited circumstances where the liquidator may continue to sell stock or complete contracts for the benefit of creditors. You must not incur further credit after the resolution.

Directors must cooperate fully with the liquidator, providing all books, records, and explanations. You must not dispose of assets or hide debts. You also have a duty to avoid wrongful trading, which means you should not continue trading if you know the company is insolvent. Failure to comply can lead to personal liability.

The liquidator will identify, value, and sell all company assets, including property, equipment, and stock. Proceeds are distributed to creditors in a statutory order, with secured creditors first, then preferential creditors, and finally unsecured creditors. Any remaining funds are returned to shareholders if applicable.

Generally, no, because a limited company is a separate legal entity. However, you may be personally liable if you have given personal guarantees, misused funds, or traded wrongfully. The liquidator can also pursue recovery of preferences or transactions at undervalue. Professional advice is essential.

Employees are automatically dismissed when a company enters liquidation. They become unsecured creditors for unpaid wages, holiday pay, and redundancy. The liquidator will provide claims forms, and employees may claim statutory redundancy payments from the government's insolvency service. The liquidator also assists with notice periods.

Choose a practitioner who is licensed and regulated by a recognised professional body, such as the Insolvency Practitioners Association. Look for experience with your type of business, transparent fees, and local presence. You can verify their licence and check for any disciplinary history before instructing them.