Professional Company LiquidatorsServing Towcester Businesses

A licensed liquidator takes control of the company's affairs, realises its assets, and distributes the proceeds to creditors in the correct statutory order. They also investigate the conduct of directors, ensure all legal filings are completed, and formally dissolve the company at Companies House once the process is finished.

The cost varies depending on the complexity of the case, the number of creditors, and the value of assets. Creditors' voluntary liquidation is often funded from company assets, but if assets are insufficient, directors may need to consider personal funding. Always request a fixed-fee quotation before proceeding.

Directors can appoint a liquidator through a creditors' voluntary liquidation if the company is insolvent. Shareholders can also pass a resolution to wind up the company voluntarily. However, if a creditor has already obtained a court judgment, they may petition for a compulsory liquidation instead.

A straightforward creditors' voluntary liquidation typically takes between six and twelve months to complete. However, complex cases involving asset recovery, legal disputes, or incomplete records can take considerably longer. The liquidator must also wait for the dissolution period to pass before the company is finally struck off.

Depending on your circumstances, alternatives may include a company voluntary arrangement to repay debts over time, administration to restructure the business, or simply negotiating a time-to-pay arrangement with HMRC. Each option has different implications for directors, so it is vital to take professional advice before deciding.

Employees are classed as preferential creditors for certain claims, such as unpaid wages up to a statutory limit and holiday pay. The liquidator will dismiss all staff on the date of liquidation, and employees can claim redundancy payments and other entitlements from the National Insurance Fund.

No. Once a liquidator is appointed, their control over the company begins immediately, and your powers as a director cease. The liquidator's role is to wind down the business in an orderly manner, not to continue trading. Trading without authority after liquidation could lead to personal liability.

Generally, no, because limited liability protects directors from company debts. However, personal liability can arise if you have signed personal guarantees, if you have traded wrongfully, or if you have misused company funds. The liquidator will investigate your conduct and may seek a contribution from you if necessary.

You must provide the company's statutory books, financial records, bank statements, and details of all assets and liabilities. You will also need to complete a statement of affairs, which lists what the company owns and owes. Failure to cooperate fully with the liquidator is a criminal offence.

Always instruct a licensed insolvency practitioner who is regulated by a recognised professional body. Check their experience with similar cases, ask for a clear fee structure, and confirm they hold appropriate insurance. You can connect with a specialist listed on AccountingFirms to ensure you receive verified professional guidance.