Company Liquidators inTrowbridge, Here to Help

A company liquidator is a licensed insolvency practitioner who manages the formal closure of a company. They collect and sell assets, settle creditor claims, and ensure the company is dissolved lawfully. They also investigate the conduct of directors and report to the relevant authorities if any misconduct is found.

The cost of liquidation varies depending on the size and complexity of the company. For a Creditors' Voluntary Liquidation (CVL), fees are often taken from the company's assets, but if assets are insufficient, directors may need to fund the process personally. Always request a clear fee quote before proceeding.

Solvent liquidation, such as a Members' Voluntary Liquidation (MVL), is used when a company can pay its debts in full within 12 months. Insolvent liquidation, usually a CVL, is for companies that cannot pay their debts. The process and implications for directors differ significantly between the two.

Yes, a licensed practitioner will first assess whether liquidation is necessary. Alternatives like company voluntary arrangements (CVAs), administration, or informal restructuring may save the business. They will explain all available options and recommend the most suitable course based on your specific financial circumstances.

A Creditors' Voluntary Liquidation typically takes between 6 and 12 months to complete, depending on the complexity of the case. The liquidator must realise assets, investigate affairs, and distribute funds to creditors. After that, the company is formally dissolved, which can take a few more months.

To enter a CVL, the company must be insolvent, meaning it cannot pay its debts as they fall due. The directors must pass a resolution to wind up the company, and creditors must approve the appointment of the liquidator at a meeting. A licensed insolvency practitioner can confirm eligibility.

Yes, once a liquidator is appointed, they take control of the company's assets and affairs. Directors' powers cease, although they must cooperate fully with the liquidator. The liquidator's role is to act in the interests of creditors, not the directors.

Alternatives include a Company Voluntary Arrangement (CVA) to repay debts over time, administration to protect the business while restructuring, or a pre-pack sale to sell the business quickly. Each option has different implications for directors and creditors, so professional advice is essential.

For an insolvent company, creditors must be involved. In a CVL, creditors are notified and can vote on the liquidator's appointment. However, for a solvent company, a Members' Voluntary Liquidation can proceed without creditor involvement, as the company can pay all debts in full.

Employees are made redundant when a company enters liquidation. The liquidator will terminate their contracts, and they may be entitled to claim redundancy pay and other arrears from the National Insurance Fund. The liquidator will provide necessary documentation to support these claims.