Expert Company LiquidatorsServing Ullapool

The cost of a creditors' voluntary liquidation (CVL) typically ranges from £4,000 to £8,000 plus VAT, depending on the complexity of the company's affairs. This fee is paid from company assets before any distribution to creditors. A licensed insolvency practitioner will provide a fixed fee quotation after an initial free assessment.

Yes, you can liquidate a company with no assets, but the director may need to fund the liquidation costs personally if there are insufficient assets to cover fees. In some cases, a director may apply for a CVL with a 'no asset' procedure, but this requires the agreement of creditors and may involve additional reporting.

The entire process typically takes between 6 and 12 months. The initial meeting of creditors and appointment of the liquidator usually occurs within 2 to 4 weeks of instruction. The liquidator then realises assets, investigates affairs, and distributes funds, followed by a final meeting to close the liquidation.

A creditors' voluntary liquidation (CVL) is initiated by the directors and shareholders when the company is insolvent, and it is the most common type. A compulsory liquidation is ordered by a court, usually following a petition from a creditor. The latter is more formal and often results from a failure to pay a statutory demand.

Yes, alternatives include a company voluntary arrangement (CVA), administration, or a formal restructuring plan. A CVA allows the company to continue trading while paying creditors over a period of time. Administration provides a moratorium from creditor action while a restructuring or sale is attempted. Your insolvency practitioner will assess which option is most suitable.

Directors must cooperate fully with the liquidator, provide all company records and accounts, and disclose all assets and liabilities. They must not hide assets or prefer certain creditors. Directors also have a duty to consider the interests of creditors from the point of insolvency, and failure to do so may lead to personal liability.

No, once a company enters liquidation, all employees are automatically dismissed. However, you may be able to claim redundancy pay and other statutory entitlements from the National Insurance Fund if the company cannot pay them. As a director and employee, you may be eligible for these payments, but you must have a valid employment contract.

If you have provided personal guarantees for company debts, you may be pursued by creditors for repayment. Liquidation itself does not affect your personal credit rating, but any individual insolvency proceedings such as bankruptcy or an IVA will. Company liquidation appears on public record and may affect future business borrowing.

The liquidator takes control of all company assets, including stock, equipment, and property, and realises them for the benefit of creditors. Assets may be sold individually or as a going concern. If assets are subject to a floating charge, the charge holder may appoint an administrator or receiver to deal with them.

Yes, you can start a new business after liquidation, but you may face restrictions if you have been a director of a company that went into insolvent liquidation. You may be prohibited from being a director of a company with a similar name for five years, unless you obtain court permission or follow the 'phoenix' procedure correctly.