Professional Company LiquidatorsServing Wickford Businesses

A licensed insolvency practitioner takes control of the company, realises its assets, investigates director conduct, and distributes funds to creditors. They ensure the process is conducted legally and fairly, and they handle all necessary paperwork and filings.

Costs vary depending on the complexity of your company's affairs. Typically, fees range from £4,000 to £8,000 plus VAT, but this can be higher if there are many creditors or assets. Always obtain a fixed-fee quote before proceeding.

Creditors' voluntary liquidation usually completes within 6 to 12 months, but it can take longer if there are complex asset sales or legal disputes. The liquidator must file final accounts with Companies House, which can extend the timeline.

Yes, you can liquidate an insolvent company with no assets. This is often done through a creditors' voluntary liquidation, but if there are no assets to pay for the liquidation, directors may need to consider other options like a company strike-off or an insolvency practitioner's services funded by director contributions.

A creditors' voluntary liquidation (CVL) is initiated by directors when the company is insolvent. Compulsory liquidation is a court order, often following a winding-up petition from a creditor. CVL gives directors more control, whereas compulsory liquidation removes control entirely.

Yes, liquidation terminates all employee contracts, including your own as director if you are an employee. You may be able to claim redundancy from the National Insurance Fund, but this is not guaranteed if you are a director and shareholder.

Yes, you can start a new company after liquidation, but there are restrictions. If you were a director of a company that went into liquidation, you may be prohibited from acting as a director for up to 15 years if disqualified. You must also avoid using a similar company name that suggests an association with the old company.

Alternatives include company voluntary arrangements (CVAs), administration, or informal arrangements with creditors. You might also consider restructuring, refinancing, or selling the business as a going concern. Each option has different implications for you and your creditors.

Look for a practitioner who is licensed by a recognised professional body, such as the Insolvency Practitioners Association or the ICAEW. Check their experience with similar companies, read client reviews, and ensure they offer a fixed fee. You can also verify their licence on the Insolvency Service website.

Once the liquidation is complete, the company is dissolved and its debts are written off. Creditors cannot pursue the company further, but they may pursue directors personally if there were personal guarantees or if wrongful trading is proven.