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Frequently asked questions
What is the role of a company liquidator in Houghton Le Spring?
A company liquidator is a licensed insolvency practitioner who takes control of a company that is being closed down. Their primary role is to realise the company's assets, settle outstanding debts with creditors in the correct legal order, and distribute any remaining funds to shareholders. In Houghton Le Spring, we handle all aspects of the liquidation process, including dealing with HMRC, employee claims, and legal paperwork, ensuring the company is dissolved lawfully and efficiently.
When should I consider company liquidation in Houghton Le Spring?
You should consider liquidation when your company is insolvent (unable to pay debts as they fall due) and there is no viable way to rescue it as a going concern. Signs include mounting creditor pressure, statutory demands, winding-up petitions, or persistent cash flow problems. Alternatively, if your company is solvent but you wish to close it down, a Members' Voluntary Liquidation (MVL) is appropriate. Our liquidators can assess your situation and advise on the best course of action.
What is the difference between Creditors' Voluntary Liquidation (CVL) and Compulsory Liquidation?
Creditors' Voluntary Liquidation (CVL) is a voluntary process initiated by the company's directors and shareholders when the company is insolvent. It involves a meeting of creditors and is generally less adversarial. Compulsory Liquidation is a court-ordered process, typically triggered by a creditor (such as HMRC) presenting a winding-up petition. In a CVL, you retain more control over the choice of liquidator, whereas in compulsory liquidation, the court appoints the Official Receiver or an insolvency practitioner.
Can I continue trading after I have appointed a liquidator?
No. Once a liquidator is formally appointed, they take control of the company and its assets. The directors' powers cease immediately. The liquidator will wind down the business operations, which may include selling off stock or completing existing contracts to maximise value for creditors. You cannot continue trading in the company's name without the liquidator's explicit permission, which is rarely granted except for the purpose of realising assets.
How much does company liquidation cost in Houghton Le Spring?
The cost of liquidation varies depending on the complexity of your company's affairs, the number of assets, and the level of creditor involvement. For a straightforward Creditors' Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, but we offer fixed-fee packages with no hidden costs. We provide a free, no-obligation quote after reviewing your company's financial position. In some cases, the liquidator's fees may be paid from company assets if available.
What happens to employees when a company goes into liquidation?
When a company goes into liquidation, all employees are automatically made redundant from the date of the liquidation order. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay. These claims are preferential and are paid from company assets or, if insufficient, through the National Insurance Fund (via the Redundancy Payments Service). We guide employees through the claims process and ensure their rights are protected.
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