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Frequently asked questions
What is a company liquidator and what do they do in Frodsham?
A company liquidator is a licensed insolvency practitioner who manages the closure of an insolvent company. In Frodsham, they take control of the company's assets, sell them, and distribute the proceeds to creditors in a legally compliant order. They also investigate the directors' conduct, handle all necessary paperwork with Companies House and HMRC, and ensure the company is formally dissolved. Their role is to maximise returns for creditors while providing a fair process for all parties involved.
When should I consider appointing a company liquidator in Frodsham?
You should consider appointing a company liquidator in Frodsham as soon as your company becomes insolvent, meaning it cannot pay its debts when they fall due. Signs include receiving statutory demands, winding-up petitions from creditors, or if your liabilities clearly exceed your assets. Acting early is vital because continuing to trade while insolvent can lead to personal liability for directors through wrongful trading claims. A liquidator can help you stop further losses and protect your legal position.
What is Creditors Voluntary Liquidation (CVL) and how does it work?
Creditors Voluntary Liquidation (CVL) is the most common insolvency procedure for companies that cannot pay their debts. In Frodsham, directors call a board meeting to pass a resolution that the company is insolvent, then convene a creditors' meeting. The creditors vote to appoint a liquidator, who takes over control of the company. The liquidator sells assets, investigates the company's affairs, and distributes funds to creditors. Once completed, the company is dissolved and struck off the Companies House register.
Can a director be personally liable for company debts during liquidation?
Generally, directors are not personally liable for company debts because a company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, engaged in fraudulent or wrongful trading, or misused company funds. If you have taken director loans or made preferential payments to certain creditors, the liquidator can pursue you personally. Our Frodsham liquidators can advise you on your specific exposure and help you avoid common pitfalls that trigger personal liability.
What is the cost of hiring a company liquidator in Frodsham?
The cost of hiring a company liquidator in Frodsham varies depending on the complexity of the case, the size of the company, and the number of creditors. Typically, fees are based on the time spent or a percentage of the assets realised. Many liquidators offer a fixed fee for straightforward CVLs. It is important to discuss fees upfront and understand what is included. In some cases, the company's assets may cover the costs, but if not, directors may need to fund the liquidation personally. We offer transparent pricing and a free consultation to discuss costs.
What happens to employees when a company goes into liquidation in Frodsham?
When a company goes into liquidation, employees are automatically dismissed from the date the liquidator is appointed. They become preferential creditors for unpaid wages, holiday pay, and pension contributions up to statutory limits. The liquidator will advise employees on how to claim unpaid amounts from the National Insurance Fund (via the Redundancy Payments Service). Employees can also claim redundancy pay and notice pay from the government if the company cannot pay. The liquidator will provide the necessary forms and guidance to all affected staff.
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