Is it costly to liquidate my company?

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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Please note that the above is provided for illustration purposes only and comprises a short view of extremely complex insolvency and other legislation. This is a complicated area and specific advice must be sought before undertaking any course of action or before refraining from any course of action. Gore and Company takes no responsibility for any loss incurred to or by any person who either acts or refrains from acting on the basis of the above or of any other item published on this website. The above note may not be reproduced without the prior written consent of Gore and Company.

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