Company Liquidators in Cardifffor Professional Advice and Support

The cost varies depending on the complexity of the liquidation and the size of the company's assets. Typically, fees are based on time spent or a fixed fee agreed upfront. You should request a clear quote from a licensed insolvency practitioner before proceeding, ensuring there are no hidden costs.

A director, shareholder, or creditor can apply to place a company into creditors' voluntary liquidation if the company is insolvent. The process requires a majority of shareholders to pass a resolution and a meeting of creditors to confirm the appointment of the liquidator.

The process begins with a board meeting to assess insolvency, followed by shareholder and creditor meetings. A licensed insolvency practitioner is appointed as liquidator, who then takes control of assets, notifies creditors, and distributes proceeds according to legal priorities.

A simple liquidation may be completed in six to twelve months, but complex cases with many creditors or assets can take longer. The liquidator must investigate the company's affairs and report to creditors, which can extend the timeline depending on the circumstances.

Alternatives include a company voluntary arrangement (CVA) to restructure debts, administration to allow trading while a buyer is sought, or informal negotiations with creditors. A licensed insolvency practitioner can help you decide which option is most suitable based on your specific financial situation.

Directors must cooperate with the liquidator, provide accurate financial records, and avoid any actions that could be seen as wrongful trading or fraudulent behaviour. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution.

Once a liquidation order is made, the liquidator takes control of the company and trading typically ceases immediately. However, in some cases, the liquidator may continue trading for a short period to sell assets or complete contracts, but this is at the liquidator's discretion.

Employees are made redundant when a liquidation begins, and they may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator provides them with the necessary forms and guidance on how to make these claims.

The liquidator has a duty to investigate the conduct of directors leading up to the liquidation. They will examine financial records and transactions to determine if any actions were improper, such as trading while insolvent or misusing company funds, and may report findings to the Insolvency Service.

Yes, you can still appoint a liquidator even if the company has no assets. In such cases, the liquidation may be funded by the director or through a 'pre-pack' arrangement. The liquidator will still need to follow the statutory process and report to creditors.