Professional Company LiquidatorsServing Llantarnam Businesses

The cost varies based on company complexity and asset realisation. Most licensed insolvency practitioners offer a fixed fee structure, which is paid from the company's assets, not from your personal funds. A specialist will provide a clear quote after an initial assessment.

A company is insolvent if it cannot pay its debts as they fall due, or if its liabilities exceed its assets. If you are unsure, a licensed professional can review your balance sheet and cash flow forecasts to confirm the legal position and advise on the correct procedure.

The process begins with a meeting of directors to pass a resolution. Following this, a virtual meeting of shareholders is held to formally appoint the liquidator. The appointed professional then takes control of the company's affairs, realises assets, and distributes funds to creditors.

The duration depends on the complexity of the case. A straightforward liquidation with few assets might be concluded within six to nine months. Cases involving complex asset sales or legal disputes can take longer, sometimes extending beyond a year.

No, once a liquidator is appointed, they take control of all company assets for the benefit of creditors. You cannot retain assets unless you purchase them from the liquidator at a fair market value, which must be agreed upon and documented properly.

Employees are made redundant immediately upon the liquidator's appointment. The liquidator will assist them in claiming statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. They will also provide the necessary documentation for claims.

Yes, alternatives include a Company Voluntary Arrangement (CVA) to restructure debts, or administration, which may allow the business to continue trading. A licensed professional can assess whether a rescue plan is viable or if liquidation is the only realistic option.

Directors must prioritise creditor interests once insolvency is inevitable. You must avoid wrongful trading, which means continuing to trade while knowing the company cannot avoid liquidation. You must also provide a statement of affairs and cooperate fully with the liquidator's investigations.

Generally, no, provided you have not given personal guarantees or acted improperly. If the liquidator finds evidence of fraudulent trading or misfeasance, they can pursue you personally. Otherwise, the liquidation provides a legal shield against most creditor claims.

You should choose a licensed insolvency practitioner who is a member of a recognised professional body. Look for someone with experience in your industry and a transparent fee structure. Speak with a specialist listed on AccountingFirms to compare options and get professional advice.