Liquidation Enquiry - No Assets To Cover IP Fees

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Tempus31

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May 7, 2026
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  • #1
    Hi everyone - I am new here and I have been looking around the forum but can't find what I'm looking for (apology if its been posted before)
    My ltd company is no longer viable and decided to liquidate. I have no assets, I'm essentially a one man band / graphic designer but over the past year i've been limping along and unable to pay debts, bounce back loan , credit cards etc. I used to exhibit at shows but times have changed and no longer turn a profit.
    I've been quoted £5000 to liquidate, which i dont have, with no assets, how can i instigate a voluntary CVL?
    Are there cheaper options out there?
    Are the websites promoting £1500 actually legit?
    Thanks in advance...
     
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    Nathanto

    Nathanto

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  • #3
    Tempus31 said:
    I'm essentially a one man band / graphic designer but over the past year i've been limping along and unable to pay debts
    Click to expand...

    Others will be along shortly to help with your query but I just wanted to say I do feel for you.

    If there's one sector right now that AI has completely decimated, it would probably be graphic design.

    AI can do a better, faster job than any designer I've ever used and incredibly it's practically for free too - I am blown away every day by the designs that AI comes up and I just don't see how a human graphic designer will ever be able to compete with that...
     
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    Lisa Thomas

    Lisa Thomas

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  • #4
    Hello - Sorry to hear about your predicament. Is there any Directors Loan Account owed by you to the company?

    How many creditors are there and approximately, & how much is the total debt?

    I'm assuming no employees if you are a one man band?

    Any lease to deal with or do you wfh?
     
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    Elliot Green

    Elliot Green

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  • #5
    If there are no company assets then a director will need to arrange for payment of a CVL.
    CVLs can be cheaper than £5,000 in certain cases.
     
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    Lisa Thomas

    Lisa Thomas

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  • #6
    Elliot Green said:
    If there are no company assets then a director will need to arrange for payment of a CVL.
    CVLs can be cheaper than £5,000 in certain cases.
    Click to expand...
    I don't agree with this, necessarily.

    A Compulsory Liquidation is likely to be cheaper at £3k, if the Director submits the applicaiton thmselves, and if there are genuinely no assets and the company cannot afford liquidation, the Director is not obligated to pay for it personally.

    They would need to consider the dissolution procedure instead as a last resport.
     
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    Elliot Green

    Elliot Green

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  • #7
    Lisa Thomas said:
    I don't agree with this, necessarily.

    A Compulsory Liquidation is likely to be cheaper at £3k, if the Director submits the applicaiton thmselves, and if there are genuinely no assets and the company cannot afford liquidation, the Director is not obligated to pay for it personally.

    They would need to consider the dissolution procedure instead as a last resport.
    Click to expand...
    I was responding to the first question about triggering a CVL when there are no assets.
    A £3k compulsory might not be cheaper than a CVL.
    Cheaper still could potentially be a compliant strike-off application, depending on the facts of a case.
     
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    fisicx

    fisicx

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  • #8
    why can’t you just close down the company?

    www.gov.uk

    Closing a limited company

    How to close a limited company - strike off, dissolution, voluntary liquidation - or allow to become dormant
    www.gov.uk www.gov.uk
     
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    Lisa Thomas

    Lisa Thomas

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  • #9
    Elliot Green said:
    I was responding to the first question about triggering a CVL when there are no assets.
    A £3k compulsory might not be cheaper than a CVL.
    Cheaper still could potentially be a compliant strike-off application, depending on the facts of a case.
    Click to expand...
    Can't imagine any IP's offering to do a CVL for less than £3k.

    I mentioned the strike off/dissolution procedure as an option in my post.
     
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    Elliot Green

    Elliot Green

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  • #10
    Lisa Thomas said:
    Can't imagine any IP's offering to do a CVL for less than £3k.

    I mentioned the strike off/dissolution procedure as an option in my post.
    Click to expand...
    I have seen a few progress reports with pre appointment fees below £3k.
     
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    Lisa Thomas

    Lisa Thomas

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  • #11
    Elliot Green said:
    I have seen a few progress reports with pre appointment fees below £3k.
    Click to expand...
    I was referring to total costs - did they not charge any post appointment fees?
     
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