Company Liquidators inBlairgowrie

The cost varies based on the complexity of your company's affairs, but it is usually funded from the company's assets. In some cases, creditors may fund the process if there are no assets. Always ask for a clear fee structure upfront to avoid surprises.

Directors, shareholders, or creditors can initiate liquidation proceedings. For a creditors' voluntary liquidation, the board must pass a resolution and then call a meeting of creditors. For compulsory liquidation, a creditor applies to court. Eligibility depends on your company's specific circumstances.

Directors must first assess the company's insolvency, then hold a board meeting to pass a resolution. A meeting of creditors is then convened, where a licensed insolvency practitioner is appointed as liquidator. The liquidator takes control of assets, realises them, and distributes funds to creditors.

The duration varies, but a simple creditors' voluntary liquidation might conclude within six to twelve months. Complex cases with many assets or disputes can take longer. The liquidator will provide a timeline after assessing your company's situation.

Once a resolution to wind up is passed, you must cease trading immediately, except for actions that help preserve asset value. Trading beyond this point could lead to personal liability for debts incurred. Your liquidator will advise on any permissible activities.

Alternatives include a company voluntary arrangement, administration, or informal restructuring. These options may allow the business to continue trading or achieve a better return for creditors. A licensed professional can assess which route is most suitable for your company.

Generally, directors are not personally liable for company debts, but there are exceptions. If you have given personal guarantees, or if wrongful trading or fraudulent activity is found, you could be held responsible. Taking advice early helps mitigate these risks.

Employees are entitled to claim redundancy pay and other arrears from the National Insurance Fund. The liquidator will terminate employment contracts and assist employees with making claims. You should provide employee details to the liquidator promptly.

Yes, but the liquidator's fees may need to be funded by directors or shareholders, as there will be no assets to cover costs. In some cases, creditors may fund the process if they believe there is a benefit. Discuss the options with a professional.

You will need to provide financial records, including accounts, bank statements, tax returns, and details of assets and liabilities. You must also provide a statement of affairs, which lists the company's financial position. The liquidator will guide you on what is required.