Professional Company LiquidatorsServing Woodbury Businesses

A company liquidator is a licensed insolvency practitioner who manages the closure of a company. They take control of assets, settle creditor claims, and distribute any remaining funds. They also ensure all legal formalities are completed, including filing final accounts with Companies House and applying for dissolution.

Costs vary based on company complexity and asset value. Creditors' voluntary liquidation typically ranges from £4,000 to £8,000 plus VAT, while compulsory liquidation may involve court fees. A licensed professional will provide a fixed fee quote after an initial assessment, so you know the full cost upfront.

A straightforward creditors' voluntary liquidation can complete in six to twelve months. Compulsory liquidation may take longer due to court proceedings. The liquidator must realise assets, investigate director conduct, and finalise claims before applying to strike off the company, which adds several months.

Yes, you can liquidate a company with no assets. This is often done through a creditors' voluntary liquidation, even if there are no funds to distribute. The liquidator will still need to investigate the company's affairs and report to creditors. Fees may be covered by director contributions or a pre-funded arrangement.

Solvent liquidation, known as members' voluntary liquidation, is used when a company can pay its debts in full within twelve months. Insolvent liquidation, typically creditors' voluntary liquidation, applies when debts cannot be paid. The process and legal requirements differ significantly, so correct classification is essential.

Yes, alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to rescue the business as a going concern, or informal arrangements with creditors. Each option has different implications for directors and creditors. A licensed insolvency practitioner can help you compare these routes.

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

Yes, you can generally act as a director of another company after liquidation, unless you are disqualified by a court. Disqualification can occur if you are found guilty of wrongful trading or other misconduct. Most directors are not disqualified, but you must follow the liquidator's guidance.

You will need to provide company accounts, bank statements, tax returns, asset registers, and details of creditors and debts. You must also disclose any director loans or transactions with connected parties. The liquidator uses this information to assess the company's financial position and fulfil legal duties.

Look for a practitioner who is licensed by a recognised professional body such as the Insolvency Practitioners Association. Check their experience with similar companies and ask for a fixed fee quote. You can connect with a specialist listed on AccountingFirms to ensure you receive professional, regulated advice.