Professional Company LiquidatorsServing Barry Businesses

A licensed insolvency practitioner takes control of the company, realises its assets, and distributes the proceeds to creditors. They also investigate the conduct of directors and ensure that the statutory requirements of the liquidation process are fulfilled correctly.

The cost varies depending on the complexity of the case and the size of the company. Fees are often paid from the company's assets, but you should discuss the fee structure upfront. A professional will provide a clear estimate before you commit to any formal process.

You are eligible if your company is insolvent, meaning it cannot pay its debts as they fall due. A director must pass a resolution to wind up the company, and then creditors must agree to the appointment of a liquidator at a formal meeting.

The initial meeting and appointment of the liquidator can happen within a few weeks. The full process, including the realisation of assets and the final distribution to creditors, often takes between six and twelve months, depending on the complexity of the case.

Alternatives include a Company Voluntary Arrangement, administration, or simply negotiating a repayment plan with creditors. A licensed professional can help you analyse your financial position and determine which option is most suitable for your specific circumstances.

Employees are made redundant when the company enters liquidation. They may be entitled to claim certain payments from the National Insurance Fund, such as unpaid wages and holiday pay. The liquidator will provide them with the necessary claims forms.

Generally, directors are not personally liable for company debts. However, if you have given a personal guarantee or have acted wrongfully or fraudulently, you could be held responsible. It is important to seek advice on your personal position before proceeding.

Creditors have the right to be consulted and to vote on the appointment of the liquidator. They can also form a committee to oversee the liquidator's actions. Their primary interest is in maximising the return they receive from the company's assets.

You should first speak with a licensed insolvency practitioner to assess your situation. They will advise on the correct procedure, which typically involves passing a board resolution and calling a meeting of shareholders and creditors to formally approve the liquidation.

Yes, you can set up a new business after your company has been liquidated. However, there are restrictions if you have been a director of a company that has gone into insolvent liquidation. You should seek professional advice on any restrictions that may apply to you.