Professional Company Liquidators inCathays for Local Directors

The primary cost is the liquidator's fee, which is typically based on the complexity of the case and the value of assets realised. This fee is paid from the company's assets, not from your personal funds, and is subject to approval by creditors at the initial meeting.

Any limited company that is insolvent, meaning it cannot pay its debts as they fall due, is eligible. This includes situations where liabilities exceed assets. A licensed insolvency practitioner will assess the company's financial position to confirm that CVL is the correct procedure.

The process begins with a formal meeting of directors to pass a resolution for liquidation. Subsequently, a meeting of shareholders is held to approve the appointment of the liquidator. The liquidator then takes control of the company's affairs, realises assets, and distributes funds to creditors.

The duration varies depending on the complexity of the company's affairs. Typically, the process can be completed in around six to twelve months. However, this timeline can be extended if there are complex asset sales, legal disputes, or if the company's records are not in order.

Yes, alternatives include a Company Voluntary Arrangement (CVA), which allows you to repay debts over a period, or a formal restructuring. Sometimes, an informal agreement with creditors can be reached. A licensed professional can help you assess which option is most viable for your specific circumstances.

When a company enters CVL, all employees are automatically made redundant by the liquidator. The liquidator will assist employees in claiming any outstanding wages, holiday pay, and redundancy entitlements from the National Insurance Fund, providing some financial security during the transition.

Generally, no. A limited company is a separate legal entity, so you are not personally liable for its debts unless you have provided a personal guarantee or have acted fraudulently or wrongfully. The liquidator will investigate the directors' conduct to ensure no such issues exist.

No, once a company enters liquidation, the liquidator takes over control and the directors' powers cease. You cannot continue to trade or make any decisions regarding the company's assets. Continuing to trade after this point could lead to personal liability for the directors.

The liquidator is responsible for identifying, valuing, and selling all company assets to generate funds for creditors. This includes physical assets like stock and equipment, as well as intangible assets like intellectual property. They must act in the best interest of all creditors and ensure a fair distribution.

To begin, you should contact a licensed insolvency practitioner for a confidential consultation. They will review your company's financial position, explain your options in detail, and guide you through the necessary steps to place the company into liquidation, ensuring you act in accordance with the law.