Professional Company LiquidatorsServing Wells Businesses

The cost depends on the complexity of your case, the number of creditors, and the assets involved. A straightforward Creditors' Voluntary Liquidation typically ranges from £4,000 to £8,000 plus VAT. Your liquidator should provide a fixed fee quote before you agree to proceed.

A Creditors' Voluntary Liquidation is for insolvent companies that cannot pay their debts. A Members' Voluntary Liquidation is for solvent companies where directors swear a declaration of solvency. The process and paperwork differ significantly, so you need the correct one for your financial position.

The initial meeting and appointment of the liquidator usually happens within two to four weeks of instruction. The overall process, including asset realisation and final distribution to creditors, typically takes between six and twelve months, although complex cases can take longer.

Yes, you can place an insolvent company into liquidation even if it has no assets. The liquidator will investigate the directors' conduct and the company's affairs. You will need to provide a detailed statement of affairs, and the liquidator will report to creditors on the outcome.

Employees are made redundant once the company enters liquidation. They may be able to claim statutory redundancy pay, notice pay, and unpaid holiday from the National Insurance Fund. The liquidator provides each employee with form RP1 to help them make these claims.

Alternatives include a Company Voluntary Arrangement, administration, or formal restructuring. For solvent companies, striking off is a cheaper route. For insolvent companies, a CVA allows you to continue trading while paying creditors over time. You should discuss all options with a licensed professional before deciding.

A statement of affairs is a formal document listing the company's assets, liabilities, and creditor details. It is required for both CVL and MVL. Your liquidator will help you prepare this document, which must be signed and sworn before a solicitor or commissioner for oaths.

You can act as a director of another company unless you are disqualified by the court. If the liquidator reports unfit conduct, the Insolvency Service may seek a disqualification order. This typically lasts between two and fifteen years, depending on the severity of the misconduct.

The liquidator takes control of all company assets, including property, equipment, stock, and intellectual property. Assets are sold to raise funds for creditors. Secured creditors are paid first, followed by preferential creditors, then unsecured creditors, with any surplus going to shareholders.

Choose a licensed insolvency practitioner who is authorised by a recognised professional body. Look for someone who communicates clearly, provides a fixed fee quote, and has experience with companies similar to yours. Speak with several professionals before making your final decision.