Professional Company LiquidatorsServing Maesteg Businesses

The cost varies based on the complexity of your company's affairs. Creditors' voluntary liquidation typically involves a fixed fee, which can range from £1,500 to £5,000 or more. The liquidator's fee is paid from the company's assets, but if assets are insufficient, you may need to fund the process personally. Always obtain a written quote before proceeding.

To enter a creditors' voluntary liquidation, your company must be insolvent, meaning it cannot pay its debts as they fall due. You must also have at least one director who is willing to swear a statement of affairs. The process requires a shareholder resolution and a meeting of creditors to approve the liquidation.

First, you must call a board meeting to pass a resolution that the company cannot continue due to liabilities. Then, you convene a general meeting of shareholders to pass a special resolution for voluntary liquidation. Within 14 days, you must hold a creditors' meeting where they can nominate a liquidator. The appointed liquidator then takes control of the company's assets.

A straightforward creditors' voluntary liquidation typically completes within 6 to 12 months. However, the timeline can extend if there are complex asset sales, legal disputes, or incomplete records. The liquidator must realise assets, investigate the directors' conduct, and distribute funds to creditors before dissolving the company.

Yes, alternatives include a company voluntary arrangement (CVA) to restructure debts, administration to allow a rescue, or a formal insolvency procedure like a scheme of arrangement. If the business is viable, a CVA can help you keep trading while repaying creditors over time. A licensed practitioner can assess which option suits your situation.

A liquidator acts in the interests of all creditors, not the directors. Their duties include realising the company's assets, investigating the causes of insolvency, reporting any misconduct to the relevant authorities, and distributing funds to creditors in the correct statutory order. They must also ensure that the company is dissolved lawfully.

Once a liquidator is appointed, they take over the management of the company. Directors cease to have any powers, except to provide information and cooperate. Trading is only permitted if the liquidator decides to continue business temporarily to sell assets as a going concern. You cannot make decisions without the liquidator's approval.

Employees are automatically made redundant when a company enters liquidation. They can claim statutory redundancy pay, unpaid wages, holiday pay, and other entitlements from the National Insurance Fund. The liquidator provides them with the necessary forms (RP1, RP2, etc.) and advises on how to make claims.

Generally, no, provided you have not given personal guarantees or acted wrongfully. If you have traded while insolvent, taken excessive director loans, or disposed of assets at undervalue, the liquidator can pursue you personally. Proper records and professional advice can help protect you from personal liability.

Look for a practitioner who is licensed by a recognised professional body, such as the Insolvency Practitioners Association or the Institute of Chartered Accountants. Check their experience with similar companies, ask for a transparent fee quote, and ensure they are independent. You can also seek recommendations from your accountant or solicitor.