Professional Company LiquidatorsServing Witham Businesses

The cost of liquidation varies depending on the size and complexity of your company. Typically, fees range from £1,500 to £5,000 for a simple creditors' voluntary liquidation. A licensed insolvency practitioner will provide a fixed fee quote after assessing your situation, so you know exactly what to expect.

Any limited company that is insolvent—meaning it cannot pay its debts as they fall due—is eligible for creditors' voluntary liquidation. Solvent companies can also be wound up voluntarily if the directors and shareholders pass a resolution. You must be a director or shareholder to initiate the process.

The entire process typically takes between 6 and 12 months, depending on the complexity of the company's affairs. The initial liquidation meeting is held within a few weeks of instructing a practitioner, and the final dissolution occurs after the realisation of assets and distribution to creditors.

Creditors' voluntary liquidation (CVL) is initiated by the directors when the company is insolvent. Compulsory liquidation is a court order obtained by a creditor, often through a winding-up petition. A CVL gives directors more control over the process and is generally less stressful than compulsory liquidation.

No. Once a liquidator is appointed, they take control of the company and you lose your authority to act as director. The liquidator's role is to realise assets and distribute funds to creditors. Continuing to trade without the liquidator's consent could lead to personal liability for debts incurred.

Alternatives include company voluntary arrangements (CVAs), administration, and informal arrangements with creditors. A CVA allows you to repay debts over time while continuing to trade. Administration provides a moratorium from creditors. A licensed insolvency practitioner can help you decide which option is best.

Employees are made redundant automatically when a company enters liquidation. The liquidator will provide them with the necessary forms to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator also has a duty to notify employees of their rights.

Generally, no. Limited liability protects directors from personal liability for company debts. However, if you have given personal guarantees, you may be liable for those specific debts. Additionally, if you have traded wrongfully or fraudulently, a court may order you to contribute to the company's assets.

Yes, you can continue to use your existing accountant or solicitor for advice during liquidation. However, the liquidator is independent and acts in the interests of creditors. Your professional advisers can help you prepare the necessary documentation and liaise with the liquidator on your behalf.

The liquidator is a licensed insolvency practitioner who takes control of the company, realises its assets, investigates the directors' conduct, and distributes funds to creditors. They also handle legal matters, such as dealing with claims against the company, and ensure the process is carried out lawfully.