Expert Company LiquidatorsServing Westfield Directly

The cost varies depending on the complexity of your company's affairs, the number of creditors, and whether assets need to be realised. Most licensed insolvency practitioners charge a fixed fee for straightforward cases, but you should always request a detailed breakdown before agreeing to proceed.

Any director of a limited company that is insolvent can propose a creditors' voluntary liquidation, provided a majority of shareholders agree. Alternatively, a creditor can petition the court for a compulsory liquidation. Eligibility also depends on the company's financial position and whether it can afford the process.

A straightforward creditors' voluntary liquidation can often be completed within six to twelve months, depending on the complexity of realising assets and dealing with creditor claims. Compulsory liquidations may take longer due to court involvement. Your liquidator will provide a timeline based on your specific circumstances.

Alternatives include a company voluntary arrangement (CVA), which allows you to repay debts over time, or formal administration, which may rescue the business as a going concern. Also consider negotiating directly with creditors for extended payment terms or a reduced settlement. A licensed practitioner can help you evaluate these options.

No, once a liquidator is appointed, they take control of the company and your powers as director cease. You cannot trade or make any financial transactions without the liquidator's approval. The liquidator's role is to realise assets and distribute funds to creditors, not to continue operations.

Employees are made redundant on the date the liquidation begins. They can claim certain statutory payments, such as redundancy pay and unpaid wages, from the National Insurance Fund. The liquidator will provide each employee with the necessary forms to make these claims and will advise on the process.

No, a creditors' voluntary liquidation does not require a court hearing. It is initiated by a shareholder resolution and a meeting of creditors, which can be held virtually. The appointed liquidator then manages the process. However, compulsory liquidation involves a court petition and hearing.

Generally, no, as liquidation provides a legal shield for directors regarding company debts. However, personal liability can arise if you have given personal guarantees, or if you are found guilty of wrongful trading, fraudulent trading, or other misconduct. The liquidator may pursue you through court action in such cases.

You must provide full financial records, including bank statements, tax returns, debtor and creditor lists, asset registers, and details of any recent transactions. You must also provide a statement of affairs, which is a formal document showing the company's assets and liabilities. Accurate and complete information is essential.

Look for a licensed insolvency practitioner who is registered with a recognised professional body, such as the Insolvency Practitioners Association. Check their experience with similar businesses and ask for references. Ensure they offer a clear fee structure and are willing to explain the process in plain language.