Expert Company LiquidatorsServing Pembrokeshire Businesses

A licensed insolvency practitioner takes control of the company, realises its assets, agrees claims with creditors, and distributes any available funds in the legally required order. They also investigate the conduct of directors and report to the relevant authorities if any misconduct is found, ensuring the process is transparent and fair.

Costs vary depending on the complexity of the case, the number of creditors, and the value of assets. A simple creditors' voluntary liquidation may cost less than a complex compulsory liquidation. You should always obtain a fixed fee quote in writing before agreeing to proceed, and check whether any disbursements are included.

Yes, it is possible to liquidate a company with no assets, but the process still requires statutory filings and professional fees. Some practitioners offer a reduced fee for assetless cases, and there are also alternative options such as a company dissolution if the company has no debts and is solvent, which is a cheaper route.

Solvent liquidation, often called a members' voluntary liquidation, is used when a company can pay its debts in full within twelve months. Insolvent liquidation, usually a creditors' voluntary liquidation, applies when liabilities exceed assets. The procedures differ in terms of declarations, creditor involvement, and the liquidator's duties.

A straightforward creditors' voluntary liquidation may conclude within six to twelve months, but complex cases can take longer. The initial meeting of creditors typically occurs within two to four weeks of the decision to liquidate. The liquidator then handles asset realisation and creditor claims, which can extend the timeline.

You can continue trading, but you must not incur credit while insolvent, as this could lead to wrongful trading claims. It is advisable to seek professional advice immediately if you suspect insolvency. Continuing to trade without proper guidance may increase your personal liability and affect your future directorship.

Alternatives include a company voluntary arrangement to repay debts over time, administration to allow restructuring, or informal arrangements with creditors. For solvent companies, striking off is a cheaper option. Each has different implications for directors, creditors, and employees, so professional advice is essential to choose the right path.

Generally, no, because limited liability protects your personal assets. However, personal liability can arise if you have given personal guarantees, or if you have acted fraudulently or wrongfully. The liquidator will investigate your conduct, and if any misconduct is found, you may be required to contribute to company assets.

If a company has been struck off the register, it no longer exists legally. However, it may be restored to the register if it had assets or debts at the time of striking off. A liquidator can assist with restoration and subsequent liquidation, but this adds time and cost to the process.

You will need to provide financial records, bank statements, tax returns, details of assets and liabilities, and a list of creditors and employees. The liquidator will also require information about any recent transactions, particularly those involving directors or connected parties, to ensure proper scrutiny.