Company Liquidators in ArdrossGuiding Your Company Closure

The cost varies based on the complexity of your company's affairs, the number of creditors, and the value of assets. A licensed insolvency practitioner will provide a fixed fee quote after an initial assessment. Always confirm the fee structure in writing before you proceed, as this ensures no hidden charges arise.

Eligibility depends on your company's solvency status. If the company cannot pay its debts as they fall due, a creditors' voluntary liquidation is usually appropriate. If the company is solvent but you wish to close it, a members' voluntary liquidation is the correct route. A practitioner will confirm which applies to you.

You must first call a board meeting to pass a resolution for winding up. For a creditors' voluntary liquidation, you then convene a meeting of creditors to nominate the liquidator. The appointed practitioner will take control of the company's affairs, realise assets, and distribute funds to creditors in the statutory order.

A straightforward liquidation typically concludes within six to twelve months. Complex cases involving asset disputes, missing records, or legal challenges may take longer. The liquidator must finalise all claims, sell assets, and submit final accounts to the relevant authorities before the company is formally dissolved.

Yes, alternatives include a company voluntary arrangement, which allows you to repay debts over a set period, or formal restructuring. Sometimes a simple dissolution is possible if the company has no debts. Your chosen practitioner will explain the merits of each option based on your financial position and long-term objectives.

Directors must cooperate fully with the liquidator, provide all company records and accounts, and disclose any transactions that occurred prior to the liquidation. You must not hide assets or prefer certain creditors. Failure to comply can lead to personal liability or disqualification proceedings against you.

Once a liquidator is appointed, their control supersedes yours. You cannot trade or dispose of assets without their consent. Before appointment, you may continue trading to preserve value, but you must not incur further credit that the company cannot repay. Your practitioner will advise on the correct point to cease trading.

Employees are made redundant when the liquidator is appointed, unless the liquidator retains them to assist with winding down. They may claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to affected staff.

Generally, no, as limited liability protects your personal assets. However, personal liability can arise if you have given personal guarantees, traded wrongfully, or misused company funds. The liquidator will investigate your conduct and may pursue recovery if they find evidence of misfeasance or fraudulent activity.

Select a licensed insolvency practitioner with experience in your industry and a clear approach to communication. Check their regulatory status and ask for a detailed proposal that outlines fees, timelines, and the expected outcome. A good practitioner will explain everything plainly and support you throughout the entire process.