Company Liquidators in WestonSuper Mare, Here to Help

The cost varies based on the complexity of your company's affairs, the number of creditors, and the work involved in realising assets. Most licensed practitioners offer a fixed fee or an hourly rate, but you should always request a clear written quote before proceeding. Some costs may be met from company assets.

A Creditors' Voluntary Liquidation is available to directors of insolvent companies who have passed a board resolution to wind up the company. You must be unable to pay debts as they fall due, and the majority of creditors must approve the liquidation at a meeting. Your practitioner will guide you through the process.

The length of the process depends on the complexity of the company's affairs. Typically, the initial meeting with creditors occurs within a few weeks of instruction, and the liquidation itself may be concluded in six to twelve months. However, cases with complex asset sales or disputes can take longer.

Alternatives include a Company Voluntary Arrangement (CVA), which allows you to repay debts over a period, or administration, which may give your company breathing space to restructure. Sometimes a simple informal arrangement with creditors can work. A licensed practitioner can assess which option is most suitable for your situation.

As a director, you are not an employee unless you have a formal contract and pay yourself a salary through PAYE. In liquidation, your position as director ceases, and you may be able to claim redundancy only if you were treated as an employee. Your practitioner can advise on your specific employment status.

Company assets are sold by the liquidator to generate funds for creditors. This includes physical property, stock, equipment, and intellectual property. The liquidator has a duty to obtain the best possible price. You cannot sell or transfer assets once liquidation proceedings have begun, as this may be considered a preference.

Generally, no. Limited liability protects directors from personal liability for company debts, provided you have not acted wrongfully. However, if you have given personal guarantees, taken loans, or engaged in fraudulent or wrongful trading, you could be held personally responsible. A professional review can identify any potential risks.

You should first seek advice from a licensed insolvency practitioner. They will review your financial position, confirm whether liquidation is the right route, and help you prepare the necessary documents. You will then call a board meeting and pass a resolution to wind up the company, followed by a creditor meeting.

The liquidator is an independent licensed professional who takes control of the company's affairs. Their role is to realise assets, investigate the causes of insolvency, distribute funds to creditors in the correct order, and report any director misconduct. They act in the interests of all creditors, not just the directors.

No. Once liquidation begins, directors lose their powers and the liquidator takes over. Trading must cease immediately, except for actions necessary to preserve the value of assets. Continuing to trade while insolvent could lead to personal liability for wrongful trading, so it is vital to act quickly and seek advice.