Professional Company LiquidatorsServing Winnersh Businesses

A company liquidator is an insolvency professional who manages the closing down of a company. They collect assets, settle debts, and distribute any remaining funds to shareholders. They also handle legal filings and communicate with creditors on your behalf.

Costs vary depending on the size and complexity of the company. Typically, fees range from a few thousand pounds for a simple creditors' voluntary liquidation to more for complex cases. Always obtain a fixed-fee quote before engaging a liquidator.

You are eligible if your company is insolvent, meaning it cannot pay its debts as they fall due. The directors must pass a resolution to wind up the company, and then creditors approve the appointment of a liquidator at a formal meeting.

A straightforward creditors' voluntary liquidation often completes within six to twelve months. However, complex cases with many assets or legal disputes can take longer. Your liquidator will provide a timeline based on your specific circumstances.

Once liquidation begins, directors lose control of the company. The liquidator takes over to realise assets and settle debts. You cannot continue trading in the normal sense, but the liquidator may complete contracts that benefit creditors.

Alternatives include a company voluntary arrangement (CVA), administration, or informal restructuring. A CVA allows you to repay debts over time while continuing to trade. Administration provides a moratorium from creditors, giving time to rescue the business.

Generally, no, if you have not given personal guarantees and have acted within the law. However, if you have traded wrongfully or fraudulently, you could be held personally liable. Always seek professional advice early to avoid such risks.

Employees are made redundant when the company ceases trading. They may claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator provides them with the necessary forms and guidance.

In a creditors' voluntary liquidation, the directors call a meeting of creditors to approve the liquidator's appointment. You are expected to attend or provide a proxy. The meeting can be held virtually or in person, depending on arrangements.

Choose a practitioner who is licensed by a recognised professional body, such as the Insolvency Practitioners Association. Look for experience with similar companies, transparent fees, and a clear communication style. Always verify their credentials before appointing them.