Expert Company LiquidatorsServing Dunoon Directly

A licensed insolvency practitioner takes control of the company, realises assets, settles creditor claims, and distributes any remaining funds. They also investigate director conduct and report to the relevant authorities. Their role is to wind down the company in an orderly and lawful manner.

The cost varies based on the company's size, complexity, and asset base. Typically, fees are paid from company assets, but if assets are insufficient, directors may need to fund the process personally. A professional will provide a clear fee structure before you commit.

Yes, you can. A Creditors' Voluntary Liquidation can proceed even if there are no assets, but the liquidator's fees must be covered. This is often done by the directors or a connected party. The process still ensures proper closure and protection from further claims.

Voluntary liquidation is initiated by the directors or shareholders, typically through a Creditors' Voluntary Liquidation. Compulsory liquidation is forced by a creditor through a court order. The former is more controlled, while the latter often follows a winding-up petition and has different legal consequences.

A Creditors' Voluntary Liquidation typically takes between six and twelve months to complete, depending on asset realisation and legal matters. Compulsory liquidation may take longer due to court processes. The liquidator will provide a timeline after the initial meeting of creditors.

Yes, alternatives include a Company Voluntary Arrangement (CVA), administration, or informal negotiation with creditors. Each has different outcomes for the business and its directors. A licensed professional can assess your financial position and recommend the most suitable option to achieve the best result.

A liquidator must act in the interests of all creditors, maximise asset returns, investigate the company's affairs, and report any misconduct. They must also ensure compliance with statutory requirements and provide regular updates to creditors throughout the process.

Once a liquidator is appointed, trading generally ceases immediately. However, the liquidator may continue trading for a short period to sell stock or complete contracts if it benefits creditors. You cannot continue trading as a director without the liquidator's consent.

Employees are made redundant when the company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator provides necessary documentation and guidance to help employees make these claims.

Choose a licensed insolvency practitioner with experience in your sector and a transparent fee structure. Check their authorisation with a recognised regulatory body and ask for references. A good liquidator will explain the process clearly and support you through every step.