Professional Company LiquidatorsServing Cardiff Road

A company liquidator is a licensed insolvency practitioner who manages the closure of a company. They collect assets, settle debts, and distribute any remaining funds to shareholders. Their role is to ensure the process is carried out fairly and in accordance with insolvency law.

The cost of liquidation varies depending on the complexity of the company's affairs. Creditors' voluntary liquidation is often funded from company assets, while compulsory liquidation may involve court fees. A licensed professional can provide a clear fee structure after reviewing your financial position.

You are eligible if your company is insolvent and cannot pay its debts as they fall due. The directors must pass a resolution to wind up the company, and shareholders must approve it. A licensed insolvency practitioner will confirm whether this route is suitable for your situation.

The timeline depends on the size and complexity of the company. A straightforward creditors' voluntary liquidation may complete within six to twelve months, while cases with complex asset realisation or legal issues can take longer. Your liquidator will provide an estimated timescale.

Alternatives include company voluntary arrangements, administration, or informal arrangements with creditors. In some cases, a turnaround plan may rescue the business. A licensed insolvency practitioner can assess your circumstances and recommend the most appropriate solution.

Employees are made redundant when the company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary documentation to support claims.

Yes, you can start a new company after liquidation, but there may be restrictions if you have been disqualified as a director. In some cases, buying assets from the liquidator or using a similar name may be prohibited. Seek legal advice before proceeding.

Directors must cooperate fully with the liquidator, providing all company records and financial information. They must also attend meetings and answer questions about the company's affairs. Failure to cooperate can lead to personal liability or disqualification.

Choose a practitioner who is licensed and regulated by a recognised professional body. Look for experience with your type of business and check their credentials. You can connect with a specialist listed on AccountingFirms to ensure you receive professional guidance.

Liquidation of a company generally does not affect your personal credit rating, unless you have provided personal guarantees or taken out personal loans for the business. If you have personal liabilities, these may be impacted, so it is important to discuss this with your adviser.