Company Liquidators in Eyemouthfor a Fresh Start

The cost varies depending on the size and complexity of the company. A licensed liquidator will provide a fixed fee quote after an initial review of your financial position. You should ask for a detailed breakdown of all fees and disbursements before agreeing to proceed.

Directors, shareholders, or creditors can appoint a liquidator. For a members' voluntary liquidation, shareholders pass a resolution. For a creditors' voluntary liquidation, creditors must approve the appointment at a formal meeting. A court may also appoint a liquidator in certain circumstances.

A simple creditors' voluntary liquidation might complete in six to nine months, but complex cases can take longer. The liquidator must investigate affairs, sell assets, and distribute funds to creditors. The final meeting of creditors concludes the process, and the company is dissolved.

A voluntary liquidation is initiated by directors or shareholders without court involvement. A compulsory liquidation follows a court order, usually after a creditor presents a winding-up petition. Voluntary liquidation is generally faster and gives more control to the company's owners.

You can continue trading until the formal appointment is made, but you must not incur further credit that the company cannot repay. Trading while insolvent without a realistic prospect of recovery may lead to personal liability for wrongful trading.

Yes, alternatives include a company voluntary arrangement to repay debts over time, administration to restructure, or a formal rescue process. A licensed professional can assess your viability and recommend the most suitable route based on your specific circumstances and future prospects.

The liquidator becomes responsible for dismissing employees. Redundancy payments and certain unpaid wages may be claimed from the National Insurance Fund, but statutory caps apply. The liquidator will provide each employee with the necessary forms and guidance to make a claim.

Generally, no, because a limited company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, acted fraudulently, or continued trading while knowing the company could not pay its debts. Professional advice is essential to understand your exposure.

You must provide all company records, including financial statements, bank statements, ledgers, contracts, and details of assets and liabilities. The liquidator will also require a statement of affairs showing the company's financial position at the date of liquidation.

Yes, a liquidator can review transactions made before liquidation. They may seek to recover payments made to creditors with preferential treatment, assets sold at undervalue, or funds withdrawn by directors. These actions aim to ensure fair distribution among all creditors.