Professional Company LiquidatorsServing Caldicot Businesses

A licensed insolvency practitioner acts to realise company assets, settle creditor claims, and wind down the business in an orderly manner. They investigate the reasons for insolvency and ensure that all legal requirements are met, providing a professional and transparent process for all parties involved.

The cost varies based on the complexity of the case and the size of the company. Fees are usually paid from the company's assets, not from your personal funds. A licensed professional will provide a clear fee structure before you commit, so you understand the costs involved from the outset.

A creditors' voluntary liquidation is initiated by the directors and shareholders when the company is insolvent. A compulsory liquidation is forced by a court order, usually following a creditor's petition. The process and level of director control differ significantly, so professional advice is essential to determine the right path.

No, once a liquidator is appointed, they take control of the company. Your authority as a director ceases, and you cannot make decisions about the business or its assets. The liquidator will manage the process of realising assets and distributing funds to creditors.

Employees are usually made redundant when a liquidator is appointed. They may be able to claim certain payments, such as redundancy pay and unpaid wages, from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to help employees make their claims.

In most cases, no, provided you have not given a personal guarantee or acted wrongfully. Limited liability protects your personal assets. However, if you have traded while insolvent or breached your duties, a liquidator may seek a contribution from you personally.

The process typically takes between six and twelve months, depending on the complexity of the case. Simple cases with few assets and creditors may be resolved more quickly, while complex investigations or disputes can take longer. Your liquidator will keep you informed of progress throughout.

Alternatives include a company voluntary arrangement (CVA), administration, or a formal restructuring plan. These options aim to rescue the company or achieve a better return for creditors than liquidation. A licensed professional can assess your circumstances and advise on the most suitable approach.

Directors can initiate a creditors' voluntary liquidation by passing a resolution and appointing a licensed insolvency practitioner. A court order is only required for a compulsory liquidation, which is usually instigated by a creditor. Professional advice will help you understand which route is appropriate.

You will need to provide full company records, including accounts, bank statements, asset registers, and details of creditors and debts. The liquidator will also require information about any transactions in the period leading up to insolvency. Full disclosure is essential for a smooth process.