Expert Company LiquidatorsServing Ayr Businesses

The cost varies depending on the complexity of your case, the size of the company, and the number of assets and creditors. Most licensed insolvency practitioners offer a fixed fee for straightforward liquidations, but you should always request a clear written quote before proceeding.

A director can propose a creditors' voluntary liquidation, but the creditors must approve the appointment at a meeting. Alternatively, a creditor or the court can petition for a compulsory liquidation. A licensed insolvency practitioner must be appointed to act as the liquidator.

Directors call a board meeting to pass a resolution for voluntary winding up. Then, a meeting of creditors is held to confirm the appointment of the liquidator. The liquidator takes control of assets, realises them, and distributes the proceeds to creditors in the statutory order.

A straightforward creditors' voluntary liquidation can complete in six to twelve months. However, complex cases with numerous assets, disputes, or legal issues may take longer. The liquidator will provide a timeline estimate after reviewing the company's affairs.

Yes, alternatives include administration, company voluntary arrangement, or informal arrangements with creditors. In some cases, a solvent dissolution or a pre-pack sale may be possible. Your insolvency practitioner will assess the company's position and recommend the most appropriate course of action.

Employees are made redundant when a company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide employees with the necessary claim forms and guidance.

Yes, but there are restrictions. If the company was dissolved and you were a director, you may be subject to a ban on using the same or a similar name for five years. You must also ensure you do not act in a way that breaches the Insolvency Act.

The liquidator's role is to take control of the company's assets, sell them, distribute the proceeds to creditors, and investigate the directors' conduct. They also handle legal claims, deal with employee matters, and ensure the company is formally dissolved at the end of the process.

Look for a licensed insolvency practitioner who is registered with a recognised professional body. Check their experience with similar cases, ask for a clear fee structure, and read client testimonials. You should feel confident in their ability to guide you through the process.

Key signs include persistent cash flow problems, inability to pay debts as they fall due, creditor pressure, statutory demands, or winding-up petitions. If you are unsure, seek professional advice early – a licensed practitioner can help you explore all options before making a decision.