Expert Company LiquidatorsServing Ayrshire Businesses

A licensed insolvency practitioner takes control of the company, realises its assets, investigates the directors' conduct, and distributes proceeds to creditors in the statutory order. They also handle the necessary paperwork to dissolve the company and ensure that all legal requirements are met.

Costs vary depending on the complexity of the case, the size of the company, and the number of creditors. Typically, fees are based on time spent or a fixed fee agreed at the outset. You should ask for a clear written quote before proceeding.

Yes, it is possible to place an insolvent company into creditors' voluntary liquidation even if there are no assets. The liquidator's fee may be paid by the directors or from funds recovered through investigations. This process provides a clean closure and helps avoid further penalties.

A straightforward creditors' voluntary liquidation typically completes within six to twelve months, though complex cases can take longer. The liquidator must file final accounts and hold a final meeting before the company is formally dissolved.

Voluntary liquidation is initiated by the directors or shareholders, often through a creditors' voluntary liquidation. Compulsory liquidation is forced by a court order, usually following a creditor's petition. Voluntary routes give more control and often result in better outcomes for all parties.

Yes, options include a company voluntary arrangement (CVA), administration, or informal restructuring with creditors. These may allow the business to continue trading or achieve a better return for creditors. A licensed practitioner can assess which route is most suitable.

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

Yes, but there are restrictions. You may be subject to a ban from being a director for a period if found guilty of wrongful trading or unfit conduct. It is essential to take advice on your specific circumstances before starting again.

You will need to provide the company's financial records, including bank statements, accounts, tax returns, and details of assets and liabilities. You must also disclose any transactions with directors or connected parties. Full transparency is required to avoid penalties.

Look for a practitioner who is authorised by a recognised professional body, such as the Insolvency Practitioners Association. Check their experience with similar cases, ask for references, and ensure they offer a clear fee structure. You can also connect with specialists listed on AccountingFirms.