The voluntary liquidation process
Initial company liquidation advice meeting (completely free)
Timeline: Same day
Set up for either the same day for an ‘online meeting’, or a face to face meeting at a time and place to suit you. We’ll need at least one of the company’s directors there to explain the financial situation, after which we’ll give you an initial outline of various options available. We’ll leave you with a list of further information to get together.
Review information & advice (completely free)
Timeline: usually 1-14 days
We review all the information and advise you on all the available options (not just liquidation). We’ll provide you with a fee quote and our terms of business for review. We talk about how to deal with any company assets (and whether you wish to purchase them), along with any other matters specific to your company, such as leases, personal guarantees or contracts.
Instruction and convening the creditors meeting
Timeline: usually 1-3 days
If you would like to go ahead, and you have agreed to our terms, you formally instruct us to liquidate (or whatever option fits) on your behalf. We’ll call a meeting of shareholders and creditors, to take place usually 9 to 21 days after formal instruction.
Shareholders and Creditors meeting
Timeline: usually 9-18 days
The shareholders meeting takes place before the creditors meeting, and both meetings are held remotely. Read more about the meetings here. You will nominate one of your directors to attend by video link. Any creditors who have questions are asked to put them forward on the conference call. The meetings usually last between 30-90 minutes. The company is legally placed into liquidation.
Post liquidation assistance & closure
Timeline: usually 9-12 month
We work with you to ensure that the company’s books and records are moved to the liquidator’s office and that all assets are properly realised. Each director is required to complete a questionnaire and once we are happy that there are no outstanding matters, the liquidation is closed. Three months thereafter, the company is dissolved (removed from companies house).
Voluntary Liquidation Quote
How much will it cost to liquidate your business?
|Office equipment, and fitting||£0.00|
|Plant & Machinery||£0.00|
|Debtors (only include non-financed debts)||£0.00|
Liquidation is likely to crystallise any outstanding personal guarantees, so you will need to consider carefully how to deal with these prior to liquidating. There are options available that we are happy to discuss, but it is important to understand the potential effects of the guarantees prior to liquidating.
We can organise attendance at your premises to assist with staff redundancies. There is an added charge of £350 for this (already included in your quote). We find that it can really help staff move their claims forwards, and understand the procedure better. Where possible, we work with the local Job Centre so that exiting staff are aware of training opportunities and the most efficient ways of making benefit claims.
Buying assets from the liquidator
Please contact our office or book an appointment if you want to buy assets back from the liquidator. Once we have details of your assets, we can organise independent valuers to review (either on paper or by site visit, depending on the asset types), and we can then agree a fair figure for the purchase.
It may be possible to pay for the assets over a period of time, though it is likely that security would be required.
What your company’s liquidation timeline could look like.
First, pick a preferred provisional date to meet:
From your given start date we expect your liquidation to progress as follows:
If you work with us in getting information together quickly, we could contact your creditors by . This can be done same day via an online meeting if there is an urgent need such as bailiff action.
Place the company into liquidation on