Expert Company LiquidatorsServing Victoria Street

The cost varies depending on the complexity of the company's affairs, the number of creditors, and the type of liquidation. For a simple creditors' voluntary liquidation, fees may start from a few thousand pounds, but a licensed practitioner will provide a fixed fee quote after an initial review.

Eligibility depends on whether the company is solvent or insolvent. A solvent company can be closed via a members' voluntary liquidation, while an insolvent company requires a creditors' voluntary liquidation or compulsory liquidation. A licensed insolvency practitioner will assess your balance sheet and cash flow to determine eligibility.

The process begins with an initial consultation, followed by a meeting of shareholders or creditors to approve the liquidation. The appointed liquidator then takes control of assets, notifies creditors, and distributes proceeds according to statutory priority. The entire process typically takes several months.

The duration depends on the complexity of the case. A straightforward creditors' voluntary liquidation may be completed within six to nine months, while cases involving litigation, asset recovery, or complex creditor claims can take longer. Your liquidator will provide a timeline after assessing the situation.

Once a liquidator is appointed, directors lose control of the company. The liquidator may continue trading for a short period to maximise asset value, but this is done under their supervision. Directors cannot trade without the liquidator's consent, as this could lead to personal liability.

Alternatives include administration, company voluntary arrangement, or informal arrangements with creditors. Each option has different implications for the business and its directors. A licensed practitioner can explain the pros and cons of each, helping you choose the most suitable route.

Employees are made redundant once the company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide employees with the necessary claim forms and guidance on their rights.

Yes, a company with no assets can still be liquidated, but the process may be funded by the directors or through a pre-pack arrangement. In some cases, a compulsory liquidation may be initiated by creditors, but this is less common. A licensed practitioner can advise on the most cost-effective approach.

A liquidator's duties include realising assets, investigating the company's affairs, paying creditors in statutory order, and reporting any misconduct to the relevant authorities. They act in the interests of all creditors and must ensure compliance with insolvency legislation.

In most cases, directors are not personally liable for company debts, provided they have not acted wrongfully. However, personal liability may arise if you have given personal guarantees, misused company funds, or traded while insolvent. A licensed practitioner can assess your risk and advise accordingly.