Professional Company LiquidatorsServing West Wickham

A licensed liquidator takes control of the company's assets, realises them for the benefit of creditors, investigates the directors' conduct, and distributes any available funds according to the statutory priority order. They also handle all necessary filings with Companies House and HMRC, ensuring the company is formally dissolved at the end of the process.

Costs vary depending on the complexity of the case, the number of creditors, and whether the company is solvent or insolvent. A creditor-led compulsory liquidation typically has no direct cost to the directors, whereas a voluntary liquidation requires a fee. Always request a fixed quote before agreeing to any appointment.

While it is technically possible to apply for a voluntary strike-off, this is not the same as liquidation and does not deal with debts properly. If the company is insolvent, directors have a legal duty to consider creditors' interests. Using a licensed insolvency practitioner ensures the process is handled correctly and reduces the risk of personal liability.

A straightforward creditors' voluntary liquidation usually completes within six to nine months, depending on how quickly assets can be sold and claims are agreed. A solvent members' voluntary liquidation may be quicker if all creditors are paid within twelve months. Complex cases with litigation or asset recovery can take considerably longer.

A members' voluntary liquidation is used when a company is solvent and can pay all debts in full within twelve months. A creditors' voluntary liquidation is used when the company is insolvent and cannot pay its liabilities. The latter requires a meeting of creditors and involves significantly more statutory duties and reporting.

Generally no, as limited liability protects directors from company debts. However, personal liability can arise if you have given personal guarantees, taken unlawful dividends, or acted wrongfully while knowing the company was insolvent. A liquidator will investigate your conduct and may pursue you personally if there is evidence of misfeasance.

Yes, a liquidator can review transactions made before the insolvency date. If assets were sold at undervalue, or payments were made to prefer certain creditors, the liquidator may apply to the court to have those transactions set aside. This also applies to excessive director remuneration or dividends paid without proper justification.

Employees are automatically dismissed once a liquidator is appointed. They become preferential creditors for unpaid wages, holiday pay, and pension contributions up to statutory limits. The liquidator will provide the necessary documentation for employees to claim any outstanding amounts from the National Insurance Fund, which acts as a safety net.

Yes, depending on your circumstances. A company voluntary arrangement allows you to repay debts over time while continuing to trade. Administration may be appropriate if there is a viable business to sell. Informal arrangements with creditors or a formal restructuring plan might also be possible. A licensed practitioner can assess which route is most suitable.

You will need to provide the company's statutory books, financial records, bank statements, debtors and creditors lists, asset schedules, and details of any director loans or guarantees. The liquidator will also require a statement of affairs showing the company's financial position at the date of liquidation. Missing records can delay the process.