Professional Company LiquidatorsServing Yateley Businesses

Fees vary depending on the size and complexity of your company. Typically, costs are based on an hourly rate or a fixed fee agreed upfront. Some practitioners may take a percentage of realised assets. Always request a clear breakdown of costs before instructing a liquidator.

Any limited company that is insolvent, meaning it cannot pay its debts when they fall due, is eligible. You will need a formal resolution from shareholders and a statement of affairs. A licensed insolvency practitioner must be appointed to act as liquidator.

Directors call a board meeting to pass a resolution for winding up, then convene a shareholders' meeting to approve it. A creditors' meeting is held within 14 days. The liquidator is appointed to manage the realisation of assets and distribution to creditors.

The duration depends on the complexity of the case. A straightforward liquidation may be completed within six to twelve months, while cases with complex asset sales or legal disputes can take longer. The liquidator provides regular updates on progress.

Once liquidation begins, directors lose control and the liquidator takes over. The company cannot continue normal trading. However, the liquidator may allow limited trading to complete existing contracts or sell stock, but this is at their discretion.

Alternatives include a company voluntary arrangement to repay debts over time, administration to protect the business from creditors, or negotiating informal payment plans with suppliers. A licensed practitioner can advise on which option suits your situation.

Generally, limited liability protects directors from personal responsibility for company debts. However, if you have given personal guarantees or acted wrongfully, you could be liable. The liquidator will investigate your conduct and may take action if necessary.

Employees are made redundant once liquidation is confirmed. They may claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator provides each employee with a claim form and guidance on their entitlements.

Yes, if shareholders pass a resolution for voluntary winding up, you can appoint a liquidator without involving the court. This is the most common route for insolvent companies. A court order is only needed for compulsory liquidation initiated by creditors.

You will need to provide financial records, including accounts, tax returns, bank statements, and details of assets and liabilities. You must also prepare a statement of affairs listing what the company owes and what it owns. The liquidator uses this to manage the process.