When Do I Have To Pay The Liquidator To Put My Company Into Liquidation?

When Do I Have To Pay The Liquidator To Put My Company Into Liquidation? The answer is that it depends on the Insolvency Practitioner or insolvency firm.

The timing of payment will therefore vary from firm to firm and also what you are paying for will depend on what instructions you are providing. This information applies to payment of the fees for putting a company into Voluntary Liquidation such as Creditors Voluntary Liquidation or Members Voluntary Liquidation.

When Do I Have To Pay The Liquidator Fees For A Company Going Into Creditors Voluntary Liquidation

All creditors including HMRC are notified once the SIP 6 Creditors Report and Statement of Affairs documents are ready to be sent to them. Usually, that would be within a couple of weeks of engagement.

The cessation of contact from HMRC is down to HMRC. Nevertheless, HMRC will usually cease collection procedures once notified.

The process in rough order is as follows with the stage in bold when our fees at Oliver Elliot have to be paid for placing a company into liquidation known as Creditors Voluntary Liquidation:

• ID documents (passport and driving licence ideally) and electronic check of your identity to prove who you are.
• Quick online meeting to hold up your documents to be screenshotted.
• Engagement letter issued for signing.
• Director Advice letter issued for signing.
• Board minute issued for signing confirming company to go into liquidation.
• Invoice issued.
• Payment
• Pre-appointment phase is triggered:
  • Statement of Affairs (“SOARS”) is prepared.
  • SIP 6 Creditor Report (“SIP 6”) is prepared.
  • Issuing reports to creditors with a creditor letter convening online creditor meeting and enclosing the SOARS and SIP 6.
  • Gazetting public notice of online creditor meeting.
  • Minutes of meetings.

When Do I Have To Pay The Liquidator Fees For A Company Going Into Members Voluntary Liquidation

All shareholders are notified of the impending liquidation once the Statement of Affairs document is ready to be sworn via the Statutory Declaration of Solvency. Usually, that would be within a couple of weeks of engagement.

The process in rough order is as follows with the stage in bold when our fees at Oliver Elliot have to be paid for placing a company into a solvent Members Voluntary Liquidation:

1. ID documents (passport and driving licence ideally) and electronic check of your identity to prove who you are.
2. Quick online meeting to hold up your documents to be screenshotted.
3. Engagement letter issued for signing.
4. Invoice issued.
5. Payment
6. Pre-appointment phase is triggered being the convening and holding of meetings of the company.

Liquidate A Company