Professional Company LiquidatorsServing Argyll Businesses

Costs vary based on the complexity of your case, the size of your company, and the type of liquidation required. A licensed insolvency practitioner will provide a fixed fee quote or an estimate based on your specific circumstances. Always request a detailed breakdown before proceeding.

Eligibility depends on your company's financial position and the purpose of the liquidation. For a members' voluntary liquidation, the company must be solvent. For a creditors' voluntary liquidation, the company must be insolvent. A professional can assess your situation and confirm the appropriate route.

The process typically involves a board resolution, a meeting of shareholders or creditors, and the formal appointment of a licensed insolvency practitioner. The liquidator then takes control of assets, settles debts, and distributes any remaining funds. Your adviser will guide you through each step.

The duration depends on the complexity of the case. A simple solvent liquidation might complete within six to nine months, while an insolvent liquidation with many creditors or legal issues can take longer. Your liquidator will provide a timeline based on your specific circumstances.

Yes, alternatives include company voluntary arrangements, administration, or informal restructuring. Sometimes a sale of the business as a going concern or a formal repayment plan may be more suitable. A licensed professional can compare these options and recommend the best route for your situation.

Directors must cooperate fully with the liquidator, provide all company records and accounts, and disclose any transactions that may be scrutinised. They must not hide assets or prefer certain creditors. Failure to comply can lead to personal liability or disqualification proceedings.

Once a liquidator is appointed, trading usually ceases unless the liquidator decides to continue for a limited period to maximise asset value. During a members' voluntary liquidation, the directors may continue to trade if the company is solvent and the liquidation is for restructuring purposes.

Employees are made redundant when the company ceases trading. They may be entitled to redundancy pay, notice pay, and other arrears, which can be claimed from the National Insurance Fund if the company cannot pay. The liquidator will provide the necessary documentation for these claims.

The liquidator takes control of all company assets, sells them to generate funds, and distributes the proceeds to creditors in the statutory order of priority. Secured creditors are paid first, followed by preferential creditors, unsecured creditors, and finally shareholders if any funds remain.

You will need to provide the company's financial records, tax returns, bank statements, details of assets and liabilities, and a list of creditors and debtors. The liquidator may also require minutes of meetings and any contracts or agreements. Full disclosure is essential for a smooth process.