My limited company is insolvent. What do I need to do?
30 Oct 2013 | Insolvency
Take advice from us without delay. We are a firm of regulated Insolvency Practitioners who will give you clear, no nonsense advice about the financial position of your company. Call Tim Corfield or Richard Owen to advise you now. We will see you later today, or over the next few days, if necessary. We will agree with you how you are to proceed.
My limited company is insolvent. Who do I need to tell?
Our advice is, 'don't discuss the company position with anyone until you have taken advice and have a plan of action in place'. We are a firm of regulated Insolvency Practitioners and we will agree with you a clear, no nonsense plan as to how to proceed. Call Tim Corfield or Richard Owen to advise you now.
My limited company is insolvent. Will it affect me personally?
It could do. There are many issues to think about - the most important is whether you have provided personal guarantees to the bank or suppliers. There are other issues such as wrongful trade, transactions at an undervalue, or preferences that may be further looked into by the Insolvency Practitioner - but these are less likely.
My limited company is insolvent. How much will it cost me to put the company into liquidation?
The most common process to deal with the liquidation of a limited company is called a creditors voluntary liquidation. Only a licensed Insolvency Practitioner can act as liquidator of a company and we would be pleased to discuss fees and costs with you. If there are assets of the company there may well be no charge to any director of the company. No director would be liable for any fees of the liquidator unless he agrees, in writing to underwrite these fees. If there are no assets of the company and the director needs to underwrite liquidators' fees these start at £2000 plus VAT, in very simple cases (including disbursements).