Liquidation Enquiry - No Assets To Cover IP Fees

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

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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.

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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.

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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.

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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.

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Elliot Green said:

I have seen a few progress reports with pre appointment fees below £3k.

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Tempus31 said:

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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louis292 said:

If the company has zero assets, spending £5k of your own money for a CVL makes no sense. Those £1,500 online offers often have hidden fees anyway. Look into the DS01 strike-off form instead—it only costs £10, and if you notify your creditors honestly, it might go through if they realize there’s nothing to recover.

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Lisa Thomas said:

I was referring to total costs - did they not charge any post appointment fees?

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Elliot Green said:

Subject to realisations. If no realisations then no post appointment fees.

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