This is the process of liquidation where the directors decide they have to close the company and go into liquidation. They are not forced into it hence the term voluntary but it may not feel very voluntary.
Creditors Voluntary liquidation is a three stage process. It is normal for the person the directors chose to be the liquidator unless the shareholders or creditors object. They can nominate a different liquidator if they want to.
If you contact us we will prepare all the forms to put your company into liquidation as soon as possible.
We will make sure your employees are helped to make their claims from the UK Government Redundancy Fund and we will also write to all your creditors.
If there are premises to close or assets to sell we often appoint a local agent or auctioneer to help with that.
We normally agree a fixed fee to liquidate a company which covers putting the company into liquidation and notifying all the creditors. This is often between £3,000 and £5,000 plus vat.
There is then a second part to the fee post appointment which we must agree with creditors for the work we do. This is usually reported to creditors as a fee forecast estimate that they vote on to approve. We will also recover any direct disbursements such as statutory advertising.
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Liquidation can be a daunting process and you may have many questions. To give you a clearer picture and understand the process we have put together a Frequently Asked Questions (“FAQs”) page that can answer some of the questions you may have and shed light on the different procedures available. View all our liquidation FAQs here or click the links below to view the most popular articles:
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