Professional Company LiquidatorsServing North Wales

A licensed insolvency practitioner takes control of the company, realises its assets, agrees claims with creditors, and distributes any proceeds according to legal priority. They also investigate the directors' conduct and report to the relevant authorities, ensuring the company is dissolved properly.

Costs vary depending on the complexity of the case, the number of creditors, and the value of assets. Typically, fees are taken from the company's assets, but if there are insufficient assets, directors may need to fund the process personally. Always obtain a clear written quote before proceeding.

A straightforward creditors' voluntary liquidation often completes within six to twelve months, but complex cases with asset realisation or legal disputes can take longer. The liquidator must file final accounts and notify Companies House before the company is formally dissolved.

Yes, it is possible to liquidate an insolvent company with no assets, but the liquidator's fees must be covered. If there are no assets to pay for the process, directors may have to fund it personally. A licensed practitioner can discuss the most cost-effective route.

Compulsory liquidation is ordered by a court, usually following a creditor's petition. Voluntary liquidation is initiated by the directors and shareholders, often through a creditors' voluntary liquidation. The process differs in who controls the proceedings and the level of court involvement.

Yes, alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to rescue the business as a going concern, or informal negotiations with creditors. A licensed insolvency practitioner can assess which option best suits your company's financial position.

Employees are made redundant when the company ceases trading. They may be entitled to redundancy pay, unpaid wages, and holiday pay, which are preferential claims. The liquidator will guide employees on how to claim from the National Insurance Fund and what their rights are.

Generally, directors are not personally liable for company debts, provided they have not given personal guarantees or acted wrongfully. However, if there is evidence of fraudulent or wrongful trading, or if directors have misused the company's assets, they may be held personally responsible.

Once a liquidator is appointed, they take control of the company, and directors lose their powers to trade. Trading without the liquidator's consent could lead to personal liability for any new debts. The liquidator may continue trading briefly to sell assets or complete contracts.

You will need to provide the company's books and records, including financial statements, bank statements, tax returns, and details of assets and liabilities. You must also disclose any transactions with connected parties and any transfers of assets within the previous two years.