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Frequently asked questions
What are the typical costs for company liquidation in Ledbury?
For a Creditors' Voluntary Liquidation (CVL), our fixed fee typically ranges from £3,500 to £6,000 plus VAT, depending on the complexity of your company's affairs. This fee covers all statutory filings, creditor communication, and the liquidator's time. We also charge a percentage of realised assets (usually 15-20%) but only if assets are actually recovered. We provide a written quote before you commit, and there are no hidden charges. For companies with no assets, we can sometimes use the prescribed part or director contributions to fund the process.
How long does the liquidation process take in Ledbury?
A straightforward Creditors' Voluntary Liquidation typically completes in 6 to 9 months. This includes the initial meeting of creditors (usually held within 14 days of the resolution), the liquidator's investigation, asset realisation, and the final account to creditors. However, if there are complex legal issues, disputed debts, or difficult asset sales, the process can extend to 12-18 months. Compulsory liquidations (via court order) often take longer due to court timelines. We provide a realistic timeline after reviewing your case.
Can I continue to trade my business while considering liquidation in Ledbury?
Yes, you can continue trading while you seek professional advice, but you must act in the best interests of creditors from the moment insolvency is foreseeable. If you continue to incur credit while knowing the company cannot repay it, you risk personal liability for wrongful trading. We recommend stopping any new credit purchases and seeking our advice immediately. We can assess your cash flow and advise whether a rescue option (like a CVA) is viable or if liquidation is the only route. Trading without proper advice can lead to director disqualification.
What happens to my employees during a company liquidation in Ledbury?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order or resolution. The liquidator becomes responsible for settling employee claims, including unpaid wages, holiday pay, notice pay, and redundancy pay. Employees can claim certain statutory payments from the National Insurance Fund (via the Redundancy Payments Service), but any amounts above the statutory caps are paid as unsecured creditors. We guide you through the employee communication process and help prepare the necessary documentation for their claims.
Will I be personally liable for company debts after liquidation in Ledbury?
Generally, no. Limited liability protects directors from personal liability for company debts, provided there has been no fraudulent or wrongful trading, no personal guarantees were signed, and you have acted in accordance with your fiduciary duties. If you have given personal guarantees for loans, leases, or supplier credit, the lender can pursue you personally for those amounts. Our liquidators will review your guarantee exposure and advise on negotiation strategies. We also help you prepare a statement of affairs to demonstrate you acted reasonably.
How do I choose the right liquidator for my Ledbury company?
Choose a licensed insolvency practitioner (IP) who is regulated by a recognised professional body (e.g., ICAEW, ACCA, or IPA). Look for local experience in Herefordshire, transparent fee structures, and a track record of successful CVLs. Check if they offer a free initial consultation and whether they will personally handle your case rather than outsourcing to junior staff. At Company Liquidators in Ledbury, we provide a no-obligation meeting at your premises, a fixed fee quote, and a dedicated IP who will manage your case from start to finish. Always ask for references and verify their licence before signing any engagement letter.
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