Professional Company Liquidatorsin Denbighshire

The cost varies depending on the complexity of your company's affairs, the number of assets, and the level of creditor involvement. A licensed insolvency practitioner will provide a fixed fee quote after an initial assessment. This fee is paid from the company's assets, not from your personal funds.

A Creditors' Voluntary Liquidation is available to insolvent companies where the directors believe the business cannot continue. The directors must pass a resolution to wind up the company and then convene a meeting of creditors to approve the appointment of a liquidator.

A Creditors' Voluntary Liquidation is a voluntary process initiated by the directors. Compulsory liquidation is a court-ordered process, typically initiated by a creditor who obtains a winding-up order against the company. The process and control differ significantly between the two routes.

The initial meeting with creditors usually takes place within a few weeks of the decision to liquidate. The overall process, including the investigation of affairs and the final distribution of funds, typically takes between six and twelve months, depending on the complexity of the case.

No. Once a liquidator is appointed, they take control of the company and your powers as a director cease. The liquidator's role is to realise the assets for the benefit of creditors. You cannot continue to trade or make decisions about the company's affairs.

Employees are considered preferential creditors for certain claims, such as unpaid wages and holiday pay. The liquidator will assess these claims and make payments from available funds. Employees are also entitled to claim certain sums from the National Insurance Fund for statutory redundancy.

Yes, there are several alternatives, including a Company Voluntary Arrangement (CVA), which is a formal agreement with creditors to repay debts over a period. Administration is another option, which aims to rescue the company as a going concern. A licensed professional can advise on the most suitable route.

Directors have a duty to act in the best interests of creditors when the company is insolvent. This includes avoiding wrongful trading, which means continuing to trade when you know there is no reasonable prospect of avoiding insolvency. You must also provide full and accurate information to the liquidator.

Generally, directors are not personally liable for company debts due to the principle of limited liability. However, personal liability can arise if you have given a personal guarantee, or if you have been involved in wrongful trading or fraudulent activity. The liquidator will investigate the conduct of directors.

You will need to provide all company records, including financial statements, bank statements, details of assets and liabilities, and a list of creditors and debtors. The liquidator will also require a statement of affairs, which is a formal document outlining the company's financial position.