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HUBBLE ACCOUNTANCY LTD
This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
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Frequently asked questions
What are the different types of company liquidation available in Cardiff?
In Cardiff, the main types are Creditors Voluntary Liquidation (CVL) for insolvent companies, Members Voluntary Liquidation (MVL) for solvent companies, and Compulsory Liquidation which is court-ordered. A CVL is initiated by directors when the company cannot pay its debts. An MVL is used to close a solvent company and distribute assets to shareholders. Compulsory liquidation typically follows a winding-up petition from a creditor.
How much does it cost to appoint a liquidator in Cardiff?
Costs vary based on the complexity of the liquidation and the size of the company. For a Creditors Voluntary Liquidation, typical fees range from £3,000 to £6,000 plus VAT, depending on the case. Members Voluntary Liquidation fees are often fixed from £1,500 to £3,000. Always request a fixed-fee quote upfront to avoid hidden costs. We provide transparent pricing with no hidden extras.
Can directors be held personally liable for company debts during liquidation in Cardiff?
Directors can be personally liable if they have acted wrongfully, such as trading while insolvent, misusing company funds, or failing to maintain proper records. However, if you have acted in good faith and sought professional advice early, personal liability is rare. A licensed liquidator will investigate your conduct and report to the Insolvency Service, but most directors face no personal claims if they have fulfilled their duties.
What is the difference between a liquidator and an administrator in Cardiff?
A liquidator is appointed to wind up a company's affairs, sell assets, and distribute proceeds to creditors, after which the company is dissolved. An administrator is appointed under administration to rescue the company as a going concern, or to achieve a better result for creditors than liquidation. Administration offers a temporary protection from creditors while a restructuring or sale is arranged. Liquidation is a final closure process.
How long does a company liquidation take in Cardiff?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. Members Voluntary Liquidation can be completed in as little as 3 to 6 months if the company is straightforward. Compulsory liquidation may take longer due to court procedures. After the final meeting, the company is formally dissolved, which usually occurs within 3 months of completion.
What happens to employees if a company goes into liquidation in Cardiff?
Employees are made redundant when a company enters liquidation, unless a buyer is found for the business. The liquidator will assist employees in claiming statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. Employees are considered preferential creditors for certain claims, but there are caps on the amounts recoverable. The liquidator provides guidance on the claims process.
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