Expert Company Liquidators inWest Glamorgan for Businesses

The cost varies based on the complexity of the company's affairs, but a standard CVL often ranges from a fixed fee that depends on the asset base and the number of creditors. You should always request a detailed quotation from a licensed practitioner before agreeing to proceed.

Yes, it is possible to place an insolvent company into liquidation even if it has no assets. However, the director or a third party may need to fund the liquidation costs. A licensed insolvency practitioner can discuss the funding options available to you.

A Members' Voluntary Liquidation is used for solvent companies where the directors can make a statutory declaration of solvency. A Creditors' Voluntary Liquidation is used for insolvent companies, where the creditors control the process and a meeting is held to approve the liquidator.

The initial meeting and appointment of the liquidator can happen within a few weeks of instruction. However, the final closure of the company, which includes realising assets and distributing funds, can take several months or longer depending on the complexity of the case.

Your primary duty is to cooperate fully with the liquidator. You must provide all company records, books, and accounts, and you are required to complete a detailed director's questionnaire. You must also assist in the investigation of the company's affairs.

No, you cannot. A compulsory liquidation is only possible via a court order, and a voluntary liquidation must be overseen by a licensed insolvency practitioner. Attempting to strike off a company that is insolvent is not a valid alternative and can lead to personal liability.

Generally, no. The limited liability status of the company protects your personal assets. However, personal liability can arise if you have given personal guarantees, or if you have acted wrongfully, fraudulently, or traded while knowing the company was insolvent.

The liquidator becomes responsible for the employees' contracts. Most employees will be made redundant immediately, although the liquidator may retain some to help wind down the business. Employees may be able to claim statutory redundancy payments from the National Insurance Fund.

Yes, alternatives include a Company Voluntary Arrangement (CVA) to repay debts over time, or administration, which provides a moratorium from creditor action. A licensed insolvency practitioner can assess the viability of these options against the company's specific financial position.

The Official Receiver is an officer of the court and acts as a liquidator in compulsory liquidations. They are responsible for protecting the company's assets and investigating the conduct of its directors. They will also report to the Insolvency Service regarding any potential misconduct.