Professional Company Liquidators inWesterham for Your Business

A licensed insolvency practitioner takes control of the company, realises its assets, agrees claims with creditors, and distributes any funds according to legal priority. They also investigate the directors' conduct and report to the relevant authorities, ensuring the process is transparent and compliant with insolvency law.

The cost varies depending on the size and complexity of the company. Typically, fees are paid from the company's assets, but if assets are insufficient, directors may need to fund the process personally. Always obtain a clear written quote before appointing a liquidator.

A straightforward creditors' voluntary liquidation often takes between six and twelve months to complete. However, complex cases with many creditors or legal issues can take longer. The liquidator will provide a timeline based on your specific circumstances.

Once a liquidator is appointed, their control over the company begins. You cannot continue trading in the normal sense, except for limited actions necessary to preserve asset value or complete work in progress. The liquidator will guide you on what is permissible.

Depending on your situation, alternatives may include a company voluntary arrangement (CVA) to restructure debts, administration to protect the business while a buyer is sought, or informal negotiations with creditors. A licensed practitioner can assess which option is most suitable.

Generally, no, because a limited company is a separate legal entity. However, if you have given personal guarantees, or if wrongful trading or fraudulent activity is found, you could become personally liable. Professional advice is essential to understand your exposure.

Voluntary liquidation is initiated by the directors or shareholders, often through a creditors' voluntary liquidation. Compulsory liquidation is forced by a court order, usually following a creditor's petition. The process, costs, and implications differ significantly between the two.

Yes, you have a legal obligation to consult with employees about the liquidation. They are entitled to receive notice of the meeting where the resolution is proposed, and you must provide them with information about how the process will affect their employment.

Yes, it is possible, but the liquidator may require a deposit or funding from you to cover their fees. If there are no assets, the process is often simpler, but you must still follow the correct procedure to achieve a legal dissolution.

The liquidator takes custody of all company books and records. They are responsible for preserving them for the required statutory period, usually six years. After that, they may be destroyed, but the liquidator will follow legal guidelines.