Professional Company LiquidatorsServing Bridgend Businesses

A company liquidator is a licensed insolvency professional who manages the closure of a company. They take control of assets, settle creditor claims, investigate director conduct, and ensure the company is formally dissolved. Their role is to maximise returns for creditors whilst ensuring legal compliance throughout the process.

Fees vary depending on the complexity of the case, the size of the company, and the number of creditors. Typically, costs are based on time spent or a fixed fee agreed upfront. It is essential to obtain a clear quote before engaging a liquidator to avoid unexpected expenses.

Creditor voluntary liquidation is available to insolvent companies whose directors believe the business cannot continue. To qualify, the company must pass a resolution for voluntary winding up, and creditors must approve the appointment of a liquidator at a formal meeting. This process is suitable when liabilities exceed assets.

The duration depends on the complexity of the company's affairs. Simple cases with minimal assets and few creditors may complete within six months. More complex cases involving litigation or asset recovery can take several years. Your liquidator will provide a realistic timeline after assessing your situation.

No, a company cannot be formally liquidated without a licensed insolvency practitioner. Directors may apply for voluntary strike-off if the company has not traded and has no debts, but this is not liquidation. For solvent companies, a members' voluntary liquidation requires a licensed liquidator to oversee the process.

Alternatives include company voluntary arrangements, administration, or informal agreements with creditors. A company voluntary arrangement allows a company to repay debts over time whilst continuing to trade. Administration provides a moratorium from creditors, giving time to restructure. Each option has distinct implications for directors and creditors.

Employees are made redundant when a company enters liquidation. They become preferential creditors for unpaid wages and holiday pay, up to statutory limits. The liquidator will provide guidance on claiming from the National Insurance Fund, which covers redundancy payments, notice pay, and other entitlements.

Generally, directors are not personally liable for company debts if they have acted properly. However, personal liability can arise if you have given personal guarantees, traded wrongfully, or acted fraudulently. A liquidator will investigate your conduct and may pursue claims against you if misconduct is found.

Yes, you can start a new company after liquidation, but restrictions apply. If you have been a director of a company that entered insolvency, you may be subject to a disqualification order or undertaking, which can restrict your ability to act as a director. Seek legal advice before proceeding.

Choose a licensed insolvency practitioner with experience in your industry and a track record of successful liquidations. Look for professionals who are members of recognised bodies such as the Insolvency Practitioners Association. Arrange consultations with several candidates to compare fees, approach, and communication style before deciding.