Professional Company LiquidatorsServing Upminster Businesses

A licensed insolvency practitioner acts as liquidator, taking control of the company's assets, realising them for the benefit of creditors, investigating the directors' conduct, and ensuring the company is struck off the register. They manage the entire process from start to finish, dealing with all legal requirements.

The cost varies depending on the complexity of the company's affairs, but typically ranges from £4,000 to £6,000 plus VAT. This fee covers the liquidator's work, statutory advertising, and disbursements. Always obtain a clear written quote before engaging a professional.

You are eligible if your company is insolvent, meaning it cannot pay its debts as they fall due. The directors must pass a resolution to wind up, and then a meeting of creditors is held to confirm the appointment of the liquidator. This is the most common route for insolvent companies.

The process typically takes between six and twelve months from the date of the liquidator's appointment. The exact duration depends on the complexity of the case, including the realisation of assets, dealing with claims from creditors, and completing the final account.

You can continue trading while insolvent, but you risk personal liability for wrongful trading if you continue to incur debts without reasonable prospect of repayment. It is crucial to seek professional advice immediately to avoid breaching your duties as a director.

Liquidation is the process of closing down an insolvent company and distributing assets to creditors. Administration is a rescue procedure that aims to save the company as a going concern, often through a company voluntary arrangement or a sale of the business. Administration gives a moratorium from creditor action.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to restructure the business, or an informal agreement with creditors. A formal insolvency procedure is not always necessary; sometimes a repayment plan can be negotiated.

Employees are made redundant when the company enters liquidation. They may be entitled to claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide them with the necessary forms to make these claims.

Yes, you can act as a director of another company unless you are disqualified by the court. Disqualification may occur if you are found guilty of wrongful trading or other misconduct. The liquidator has a duty to report any unfit conduct to the Insolvency Service.

Directors must cooperate fully with the liquidator, provide all company records and information, and attend meetings as required. They must not dispose of assets or conceal debts. Failure to comply can result in personal liability or criminal prosecution.