Company Liquidators in WarwickProfessional Advice and Support

Costs vary depending on the size of the company, the number of creditors, and the complexity of the assets. Typically, fees range from a fixed fee for simple cases to a percentage of asset realisations for larger insolvencies. Always request a clear fee structure in writing before proceeding.

A director, shareholder, or creditor can apply. Directors often initiate a creditors' voluntary liquidation when the company is insolvent. Creditors may petition the court for a compulsory liquidation if debts remain unpaid. Each route has different procedural requirements and timelines.

Directors hold a board meeting to declare insolvency, then convene a shareholder meeting to pass a resolution for winding up. A licensed insolvency practitioner is appointed as liquidator. A statement of affairs is prepared, and creditors are notified within seven days.

A straightforward creditors' voluntary liquidation may complete in six to twelve months. Complex cases involving asset sales, legal disputes, or investigations can take several years. The liquidator must finalise all creditor claims and distribute any remaining funds before dissolution.

You can continue trading if there is a realistic prospect of rescue, but you must not incur credit while insolvent. Trading on with no reasonable hope of recovery could lead to personal liability for wrongful trading. Seek immediate advice from a licensed professional before making any decisions.

Alternatives include a company voluntary arrangement, administration, or informal restructuring with creditors. You could also sell the business as a going concern or negotiate payment plans. Each option has different outcomes for directors and creditors, so professional evaluation is essential.

Employees are automatically dismissed once a liquidator is appointed. They may claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. The liquidator provides them with the necessary forms and guidance to make these claims.

Generally no, as limited liability protects directors. However, personal liability can arise if you have signed personal guarantees, misused company funds, or traded wrongfully. The liquidator may also seek contributions if assets were removed at undervalue. Seek legal advice on your specific exposure.

Yes, if the liquidator reports unfit conduct. Disqualification periods range from two to fifteen years. Common triggers include failing to keep proper records, trading while insolvent, or preferring certain creditors. Cooperating fully with the liquidator can reduce the risk of action.

You must provide all company records including accounts, bank statements, tax returns, and details of assets and liabilities. A statement of affairs must be completed within specified timeframes. Failure to cooperate can result in personal liability or criminal penalties, so be thorough and transparent.