Professional Company LiquidatorsServing Virginia Water

The cost varies based on company size, asset complexity, and creditor structure. Generally, a simple liquidation may cost between £4,000 and £8,000, but more complex cases can be higher. A licensed insolvency practitioner will provide a fixed fee quote after an initial assessment.

Directors, shareholders, or creditors can initiate liquidation. Directors often call a board meeting and pass a resolution to wind up voluntarily, provided the company is solvent. For insolvent companies, creditors may petition the court, but a director-led creditors' voluntary liquidation is common.

A straightforward creditors' voluntary liquidation typically completes within six to twelve months, depending on asset realisation and creditor claims. The initial meeting and appointment of the liquidator occur within weeks, but final distribution and dissolution may take longer.

First, directors hold a board meeting to pass a resolution. Then, a meeting of shareholders is called to approve the winding up. A licensed insolvency practitioner is appointed as liquidator, who then notifies creditors, realises assets, and distributes proceeds according to statutory priorities.

Yes, a company with no assets can still be liquidated. In such cases, the liquidator's fees may be covered by the director's contribution or by funds from the company's existing reserves. This is often referred to as a 'no-asset liquidation' and is still a valid process.

Alternatives include a company voluntary arrangement (CVA), administration, or informal restructuring with creditors. A CVA allows the company to repay debts over time while continuing to trade. Administration provides protection from legal action while a rescue plan is attempted.

Directors must cooperate fully with the liquidator, provide accurate financial records, and disclose all company assets. They must not conceal transactions or mislead creditors. Failure to comply can result in personal liability, disqualification, or even criminal prosecution.

The liquidator's fees are paid from the company's assets as a preferential claim. If assets are insufficient, the fees may be covered by a director's personal contribution or by funds from the prescribed part of the company's floating charge. Always confirm fee arrangements before proceeding.

Generally, no, as long as you have acted honestly and not given personal guarantees. However, if you have traded wrongfully, misused company funds, or given personal guarantees, you may be held personally liable for certain debts. Seek professional advice to understand your exposure.

No, once a company enters liquidation, the liquidator takes control, and trading must cease immediately. Continuing to trade after a winding-up order is a criminal offence. However, before liquidation, you may consider administration or a CVA to allow trading to continue.