Professional Company LiquidatorsServing Upshire Businesses

A licensed insolvency practitioner takes control of the company's affairs, realises assets, settles creditor claims, and distributes any remaining funds. They ensure the process is lawful, transparent, and efficient, helping you close the company properly and avoid future legal complications.

Costs vary depending on the complexity of your case, the size of the company, and the number of creditors. Most practitioners offer a fixed fee or an hourly rate. You should always request a detailed quote upfront, and compare it with the potential consequences of not acting.

You are eligible if your company is solvent, meaning it can pay all debts in full within a set period, usually 12 months. A licensed insolvency practitioner must confirm solvency and issue a declaration. This route is often used by owners who wish to retire or move on.

The process begins with a board meeting to pass a resolution, followed by a meeting of creditors within 14 days. A liquidator is appointed to manage the winding-up. The company ceases trading, assets are sold, and creditors are paid in statutory order. The process typically takes several months.

A straightforward members' voluntary liquidation can be completed in three to six months. A creditors' voluntary liquidation may take longer, often six to twelve months, depending on asset realisation and creditor claims. Complex cases with disputes or legal challenges can extend the timeline.

Yes, it is possible to liquidate a company with no assets, but you must consider the costs. If there are no funds to pay a liquidator, you may need to consider a strike-off instead. However, if there are debts, a formal liquidation may still be necessary to protect directors.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to restructure the business, or a formal restructuring plan. For solvent companies, a members' voluntary liquidation is the standard route. You should always seek professional advice to determine the best option.

The liquidator acts as an agent of the company, not the directors. They must act in the best interests of all creditors, investigate the company's affairs, report any misconduct to the authorities, and ensure that the distribution of assets follows the statutory hierarchy. They are personally liable for any breaches.

Generally, no, as a director you are not personally liable for company debts unless you have given personal guarantees or acted wrongfully. If you traded while insolvent or misused funds, the liquidator may seek compensation. Professional advice can help you understand your exposure.

Once a liquidator is appointed, you lose control of the company and must cease trading immediately. The liquidator takes over to wind down operations. If you wish to continue trading, you should explore other options like administration or a CVA before liquidation is finalised.