Professional Company Liquidatorsin Upon Tyne

Costs vary based on complexity, asset values, and the number of creditors. A simple solvent liquidation might cost from £1,500 plus VAT, while an insolvent liquidation with many creditors can be more expensive. Always request a fixed fee quote before engaging a liquidator.

Yes, you can. If the company has no assets to distribute to creditors, a liquidator may accept the case on a low-cost basis or recommend a strike-off if the company is not insolvent. For insolvent companies, a creditor may petition for compulsory liquidation.

A straightforward creditors' voluntary liquidation often completes within six to nine months, but it can extend if there are complex asset sales, legal disputes, or investigations. A solvent members' voluntary liquidation might be quicker, sometimes under four months.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to protect the business while restructuring, or a formal restructuring plan. For solvent companies, a strike-off or a members' voluntary liquidation might be simpler and cheaper.

No. Solvent companies can be liquidated through a members' voluntary liquidation, which is used when the company can pay its debts in full. Insolvent companies typically use a creditors' voluntary liquidation, which requires a declaration of solvency or a meeting of creditors.

Directors must cooperate with the liquidator, provide all company records and accounts, and disclose any transactions that could be considered wrongful trading or preferences. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution.

Once a resolution to wind up is passed, the company must cease trading, except to the extent that the liquidator allows for the beneficial disposal of assets. Continuing to trade without the liquidator's consent could make you personally liable for debts incurred.

Look for a practitioner who is regulated by a recognised professional body, such as the ICAEW or ACCA. Check their experience with your type of business, ask for a fixed fee quote, and ensure they are authorised to act as a liquidator. AccountingFirms can help you connect with vetted specialists.

Employees are entitled to claim redundancy pay, notice pay, and unpaid wages from the National Insurance Fund, but the liquidator must terminate their contracts. The liquidator will provide the necessary forms and guidance, but you should also seek independent advice for your own position.

If a company has been struck off and dissolved, it can be restored to the register, but this is a separate legal process. You would need to apply to the court or Companies House, and then proceed with liquidation if necessary. This is complex and requires professional advice.