Professional Company LiquidatorsServing Wishaw Businesses

A company liquidator is a licensed insolvency practitioner who takes control of a company that is being wound up. Their role involves realising assets, settling creditor claims, investigating director conduct, and ensuring the company is dissolved legally. They also communicate with all stakeholders and handle statutory reporting.

The cost of liquidation varies depending on the complexity of the case, the size of the company, and the number of creditors. Typically, fees range from a few thousand pounds for simple cases to more for complex ones. Always obtain a fixed-fee quote before engaging a liquidator.

Yes, it is possible to liquidate a company with no assets. This is often done through a creditors' voluntary liquidation, where the liquidator's fees may be paid from the official receiver's funds or by the directors personally. In some cases, a company may be struck off the register instead.

The duration depends on the complexity of the case. A simple creditors' voluntary liquidation can be completed in six to twelve months, while more complex cases involving asset realisation or legal disputes may take several years. Your liquidator will provide a timeline after reviewing your situation.

Voluntary liquidation is initiated by the company's directors or shareholders, usually through a creditors' voluntary liquidation. Compulsory liquidation is forced by a court order, often due to a creditor's petition. The former is more common and gives directors more control over the process.

Once liquidation begins, the liquidator takes control of the company's affairs. Directors cannot continue trading in the company's name, except for limited activities necessary to preserve asset value or complete contracts. Any trading after liquidation must be authorised by the liquidator.

Employees are automatically made redundant when a company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide employees with the necessary forms and guidance on how to make claims.

Yes, alternatives include a company voluntary arrangement, administration, or formal restructuring. These options may allow the business to continue trading or achieve a better return for creditors. An insolvency practitioner can assess which approach is most suitable for your circumstances.

Directors must cooperate fully with the liquidator, provide all company records and financial information, and disclose any transactions that may be considered preferential or at an undervalue. They must also attend meetings if required and cannot dispose of company assets without permission.

Generally, directors are not personally liable for company debts if they have acted within the law. However, personal liability can arise if you have given personal guarantees, engaged in wrongful trading, or misused company funds. The liquidator will investigate and may take action if necessary.