Not really, the costs can be negligible. Costs are usually taken out of the assets of the company so that a director is not required to make any payment at all. The costs of placing the company into liquidation and also for carrying out the liquidation work, must be approved by the creditors in a general meeting. An Insolvency Practitioner must now present creditors with a Fee Estimate setting out the expected costs of the liquidation and must obtain further creditors approval if the Fee Estimate is to be exceeded.
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