Professional Company LiquidatorsServing Brecon Businesses

A company liquidator is a licensed insolvency practitioner who manages the winding-up of a company's affairs. Their role includes realising assets, agreeing creditor claims, investigating director conduct, and distributing any remaining funds. They ensure the process is conducted legally and fairly for all parties.

The cost varies based on company complexity, asset value, and creditor numbers. Typically, fees range from £3,000 to £7,000, but a professional will provide a fixed quote after reviewing your circumstances. Always ask for a detailed breakdown before engaging a liquidator.

A straightforward creditors' voluntary liquidation might complete in six to twelve months. However, complex cases with many assets or disputes can extend beyond that. Your liquidator will provide a timeline based on your specific situation and keep you informed throughout.

Yes, you can. If the company has no assets to cover liquidation costs, directors may need to consider a process called a 'creditors' voluntary liquidation' funded by a director's personal contribution or a third party. Alternatively, a compulsory liquidation might be instigated by a creditor, but this is often less desirable.

Voluntary liquidation is initiated by the company's shareholders or directors, typically via a creditors' voluntary liquidation. Compulsory liquidation is forced by a court order, usually after a creditor presents a winding-up petition. Voluntary liquidation is more common and gives directors more control over the process.

Yes, alternatives include a company voluntary arrangement (CVA), administration, or informal restructuring. A CVA allows the company to continue trading while paying off debts over time. Administration provides a moratorium from creditors while a rescue plan is attempted. A licensed professional can advise which option is viable.

Directors must cooperate fully with the liquidator, provide all company records, and disclose all assets and liabilities. They must not hide assets or prefer certain creditors. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution.

Generally, limited liability protects directors from personal liability. However, if you have given personal guarantees, or if you have engaged in wrongful trading or fraudulent activity, you could be held personally responsible. Taking professional advice early can help mitigate these risks.

Look for a practitioner who is licensed by a recognised professional body, such as the Insolvency Practitioners Association or the Institute of Chartered Accountants. Check their experience with similar cases, read client reviews, and ensure they offer a clear fee structure. A face-to-face meeting can help build trust.

Employees are made redundant when liquidation begins. They may be entitled to statutory redundancy pay, notice pay, and unpaid wages, which are paid from the National Insurance Fund if the company cannot afford them. The liquidator will provide the necessary documentation for employees to claim these entitlements.