Professional Company LiquidatorsGuidance in Weobley

The cost depends on the size and complexity of the company, the number of creditors, and the amount of work required to realise assets. Most licensed insolvency practitioners offer a fixed fee for straightforward cases, but you should always request a detailed breakdown in writing before you commit to any appointment.

Yes, you can still appoint a liquidator even if the company has no assets. This is often called a creditors' voluntary liquidation with no asset realisation. The practitioner will still need to investigate the company's affairs, prepare the necessary statutory documents, and report to creditors, and the fee will reflect this administrative work.

Voluntary liquidation is initiated by the directors and shareholders through a formal resolution, whereas compulsory liquidation is forced by a creditor through a court order, usually after a winding-up petition. In a voluntary liquidation, the directors retain more control over the choice of liquidator, whilst in a compulsory case the official receiver may become involved.

A straightforward creditors' voluntary liquidation might be completed within six to nine months, but more complex cases with asset sales or legal disputes can take several years. The liquidator must first collect and sell assets, agree claims with creditors, and then make distributions, and each stage can be delayed by external parties.

Generally, no, if you have acted properly and have not given personal guarantees. However, you may be personally liable if you have traded wrongfully, misused company funds, or given a personal guarantee to a lender or supplier. The liquidator has a duty to investigate your conduct and may pursue you for compensation if they find evidence of misfeasance.

Employees are automatically dismissed when a company enters liquidation, and they become preferential creditors for unpaid wages and holiday pay. They may also be able to claim certain payments from the National Insurance Fund, such as statutory redundancy pay and notice pay, which the liquidator will help them to apply for.

No, once a liquidator is appointed, their control over the company's affairs is absolute. The directors' powers cease, and you cannot trade the business without the liquidator's permission. In some cases, the liquidator may continue trading for a short period to sell the business as a going concern, but this is their decision, not yours.

Yes, you might consider a company voluntary arrangement to repay debts over time, or administration to give the company a moratorium from creditor action whilst a rescue plan is developed. Informal arrangements with creditors might also be possible. A licensed professional can assess your situation and recommend the most appropriate solution for your circumstances.

You will need to provide full company records, including statutory books, financial accounts, bank statements, tax returns, and details of all assets and liabilities. You should also be prepared to explain the company's recent trading history and any significant transactions, as the liquidator has a statutory duty to investigate the company's affairs.

A statement of affairs is a formal document that lists the company's assets, liabilities, and creditor details as at the date of liquidation. The directors are responsible for preparing and swearing this document, which must be submitted to the liquidator within a specified timeframe. It is a legal requirement and must be accurate to the best of your knowledge.