Professional Company LiquidatorsServing Welshpool Businesses

The cost varies depending on the complexity of your company's affairs and the level of assets involved. Typically, fees are based on the work required, often charged on a time basis or as a percentage of realisations. You should request a clear quote before proceeding, and we can help you understand the likely costs involved.

Your company must be insolvent, meaning it cannot pay its debts as they fall due, or its liabilities exceed its assets. A licensed insolvency practitioner will assess your financial position and confirm whether liquidation is the appropriate route. If not, they may suggest alternative solutions such as a company voluntary arrangement.

The process begins with a meeting of directors to pass a resolution for voluntary liquidation. Then, a meeting of shareholders is called to approve the appointment of a liquidator. The liquidator takes control of the company's assets, realises them, and distributes the proceeds to creditors in the statutory order.

The duration depends on the complexity of the case. A straightforward liquidation may be completed in six to twelve months, but cases with complex assets or disputes can take longer. The liquidator will provide an estimated timeline once they have reviewed the company's records and affairs.

No, once liquidation has commenced, the directors' powers cease. The liquidator takes control of the company and its assets. Trading may continue only if the liquidator decides it is beneficial for the realisation of assets, but this is at their discretion and usually limited to completing existing contracts.

Alternatives include a company voluntary arrangement (CVA), which allows you to repay debts over a period, or administration, which gives breathing space while a restructuring is attempted. Sometimes, a formal insolvency process is not needed if you can negotiate payment plans with creditors directly.

Employees are made redundant when the company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary documentation to help employees make these claims.

Generally, directors are not personally liable for company debts, but there are exceptions. If you have given personal guarantees, or if you have been involved in wrongful trading or fraudulent activity, you could be held personally liable. A liquidator will investigate and may take action if misconduct is found.

The liquidator is a licensed insolvency professional who takes control of the company's assets, sells them, and distributes the proceeds to creditors. They also investigate the conduct of directors and ensure that the liquidation is carried out in accordance with the law. Their duty is to creditors, not to the directors.

You can get initial advice quickly, often within 24 hours of contacting a licensed practitioner. Many offer a free consultation to discuss your situation and outline your options. Acting early can help you avoid further financial problems and reduce the risk of personal liability.