Professional Company LiquidatorsServing Balloch Businesses

A licensed insolvency practitioner takes control of the company, realises its assets, investigates the conduct of directors, and distributes any available funds to creditors in the correct statutory order. Once the process is complete, the company is formally dissolved and removed from the register at Companies House.

The cost depends on the complexity of the case, the number of creditors, and the value of the assets. Many practitioners offer a fixed fee for straightforward creditor voluntary liquidations, which can range from a few thousand pounds. Always request a written quotation before you agree to proceed with any appointment.

Any director of an insolvent company can call a board meeting and propose a creditors voluntary liquidation, provided the company cannot pay its debts as they fall due. Shareholders must also pass a resolution to wind up the company, and the creditors must approve the nominated liquidator at a separate meeting.

The process begins with a board meeting where directors declare insolvency. Shareholders then pass a special resolution to wind up the company. A meeting of creditors is held to confirm the appointment of the liquidator. The liquidator then takes control of affairs, realises assets, and distributes funds before the company is dissolved.

A straightforward creditor voluntary liquidation can often be completed within six to twelve months. Cases involving complex asset sales, legal disputes, or missing records may take considerably longer. The liquidator must also send a final account to creditors before the company is formally dissolved.

Yes, alternatives include a company voluntary arrangement to repay debts over time, administration which can allow the business to continue trading, or a simple strike off if the company is solvent. A licensed professional can assess your situation and advise whether any of these options may be more suitable for your circumstances.

The liquidator becomes responsible for the employees from the date of their appointment. All employees are automatically dismissed. They may be able to claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund, which is administered by the Insolvency Service.

Directors are generally not personally liable for company debts, provided they have not acted wrongfully. However, personal liability can arise if you have given a personal guarantee, traded whilst insolvent with no reasonable prospect of recovery, or misused company funds. The liquidator will investigate your conduct and may pursue claims against you.

You will need to provide the company's statutory books, financial records, bank statements, tax returns, and details of all assets and liabilities. You must also complete a statement of affairs which lists everything the company owns and owes. The liquidator relies on this information to conduct the investigation and maximise returns for creditors.

Creditors are entitled to receive a report on the company's affairs and vote on the appointment of the liquidator at a formal meeting. They can also ask questions about the conduct of the directors. A committee of creditors may be formed to supervise the liquidator's work and receive regular progress reports.