Professional Company LiquidatorsServing Whitby Businesses

A licensed insolvency practitioner acts as the liquidator, taking control of the company's assets, realising them for the benefit of creditors, investigating the company's affairs, and ensuring that all legal requirements are met. They also deal with employee claims and finalise the company's dissolution.

Costs vary depending on the complexity of the case, the size of the company, and the liquidator's fee structure. Typically, fees are based on time spent or a percentage of asset realisations. You should obtain a clear written quotation before proceeding, and always check for any hidden charges.

Creditors' voluntary liquidation is available for insolvent companies where directors believe the company cannot pay its debts. A formal resolution must be passed by shareholders, and a meeting of creditors must be held to confirm the appointment of the liquidator. The company must have sufficient assets to fund the process.

The length of time varies, but a straightforward creditors' voluntary liquidation typically takes between six and twelve months. More complex cases with substantial assets, litigation, or investigations can take several years. The liquidator will provide an estimated timeline at the outset.

No. Once a company enters liquidation, the liquidator takes control, and directors lose their powers to trade. Trading must cease immediately upon the resolution to wind up, except in very limited circumstances where the liquidator may allow trading to complete contracts for the benefit of creditors.

Voluntary liquidation is initiated by the company's shareholders or directors, while compulsory liquidation is ordered by a court, usually following a creditor's petition. In compulsory liquidation, the official receiver or an appointed insolvency practitioner acts as liquidator. Voluntary liquidation is generally more cost-effective and less adversarial.

Yes, alternatives include a company voluntary arrangement (CVA), administration, or informal arrangements with creditors. A CVA allows the company to continue trading while paying debts over time. Administration provides a moratorium from creditors, giving breathing space to restructure or sell the business as a going concern.

Employees are automatically made redundant upon liquidation. The liquidator will terminate contracts and ensure employees receive statutory redundancy pay, notice pay, and holiday pay, which may be claimed from the National Insurance Fund. The liquidator will also provide the necessary forms for employees to make claims.

Yes, you can appoint a liquidator for a dormant or non-trading company. If the company is solvent, a members' voluntary liquidation is appropriate. If it is insolvent, a creditors' voluntary liquidation is required. The liquidator will handle the winding-up process and the final dissolution of the company.

You will need to provide the company's financial records, including accounts, bank statements, tax returns, and details of assets and liabilities. You must also provide a statement of affairs, listing all creditors and their claims. The liquidator will also require details of any directors' loans or guarantees.