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To help us provide a quote, we ask for a few estimates on your current company finances.

Don’t panic if you don’t have the numbers to hand; just give us your best estimates and our
team of financial experts will be able to help you gather the exact figures in due course.

Number of Creditors?


20


Amounts Owed?
Estimate how much you owe these 20 creditors.


£500K



£500K



£500K



£500K


People that are owed money

Creditors is another term for the people and organisations you currently owe money to.

These creditors may range from loan companies, to suppliers, to HMRC.

Knowing the number and type of creditors currently owed to allows us to assess an order of priority for dealing with all of your outstanding debts.

Bank overdraft / loans

We’re aware that companies in financial trouble may have one of several overdrafts and/or outstanding loan
agreements they are currently in debt on.

Just give us your best estimate of the sum total of the figures that are currently outstanding specifically in
these two areas.

HMRC (PAYE, VAT, Corporation TAX, CIS)

Many companies find that HMRC are one of the creditors they owe the most to, between factors such as their PAYE, Corporation Tax and VAT bills at certain times of the year.

If you can, try to add up all you outstanding HMRC payments and give us a general estimate.

Other individuals/companies

Whether you owe money to one individual or 100 companies, each of them can be classed as a creditor, so the outstanding debt needs to be taken into account.

These debts can include freelance employees with unpaid invoices, stock suppliers who haven’t been paid for items, or agencies who have outstanding bills for services rendered.

Value of company assets

Now for the good news! We always look to cover the costs of a Liquidation - and any repayments to creditors - by using company assets.

Assets could include property, stock, vehicles, equipment and outstanding invoices. We can provide a full valuation of each area, but for now, just select a rough estimate.

How long does it take to liquidate a company?

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If the directors and shareholders lead a liquidation process this is known as a Creditors Voluntary Liquidation (CVL).

It takes approximately 3 weeks from engagement to the eventual appointment of the liquidator.

During this period the directors retain control of the company but are assisted by the proposed liquidator to ensure that they comply with both their duties and the statutory requirements of the Insolvency and Companies Act.

 

Liquidating a company

Once appointed the liquidator takes over responsibility for the company and the director owes only a duty to assist the liquidator where required. The main functions of a liquidator are to perform his statutory duties of investigation and to realise the assets of the company.

The length of time a liquidator remains in the office varies depending upon the complexity of each particular case. However, in every case, the liquidator is required to report to creditors outlining the progress made on an annual basis from his appointment date.

Once he has completed his investigations and realised the assets of the company a liquidator will seek his release from office and the company will be liquidated approximately 3 months from the date of his release.

 

Get in touch with The Insolvency Experts

The Insolvency Experts have extensive experience in advising directors as to the best option available to them. Speak to one of our Insolvency Practitioners today for more information on the business financial advice that we can provide. Contact us online or call us directly on 0300 303 8284.

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At the Insolvency Experts we think that our service offers excellent value for money. Depending on your circumstances, our services can even end up being effectively free of charge.


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