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Our aim is to make liquidation into a simple, fast & stress free experience for you as the company director.
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My business was in difficulty a while ago so I gave CompanyDebt a call. It turned out to be one of the best decisions I have made! I was given clear and genuine advice.
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Whilst liquidation timeframes will vary widely depending on the size and complexity of the case, especially if there are assets that need to be realised. Once appointed it is the liquidator that is responsible for dealing with creditors, getting in the assets of the Company and distributing any proceeds of sale. The directors responsibility is to provide the liquidator with the information to do this, the majority of this is undertaken in the first 6 months.
Once a director has provided the liquidator with all the information h e has requested, there is normally very little left for the director to do. So whilst a typical liquidation might last for 12-18 months, in most cases the director need have no further involvement after the first 6 months.
The short answer is no, you cannot liquidate a company yourself.
All company liquidations requires the services of a liquidator, under UK law.
If you’re a company director and have paid yourself via PAYE, with more than two years’ service, it’s very likely you can claim redundancy if your company has closed due to insolvency.
Claims must be made through the Redundancy Payments Service, part of the Insolvency Service, and we will tell you how to process your claim. If the claim is successful, it will then be paid by the National Insurance Fund.