Voluntary liquidation costs depends on a number of factors such as whether it is a limited company, partnership or sole trader, the size of the company, how many creditors are involved, the value of the company’s assets and if the company is solvent or insolvent.
For companies that are insolvent, directors could wait for a creditor to force the company to go into liquidation.
However, it is probably better to choose a creditors’ voluntary liquidation (CVL).
This is a formal procedure to close the company and use any assets to pay the outstanding debts.