Professional Company LiquidatorsServing Greenock Businesses

The cost varies depending on the complexity of the company's affairs, asset values, and the number of creditors. A licensed insolvency practitioner will provide a fixed fee quote after an initial assessment. Always ask for a breakdown of fees before you commit to any formal process.

Any director of a limited company registered in Scotland or elsewhere can seek advice. You must be acting in good faith and provide full financial records. Eligibility also depends on whether the company is solvent or insolvent, which the practitioner will determine during your consultation.

The process begins with a meeting of shareholders or a court application. The appointed liquidator takes control of the company's assets, notifies creditors, and settles claims. Once all assets are realised and funds distributed, the company is formally dissolved.

A straightforward solvent liquidation might conclude within six months. An insolvent liquidation often takes longer, sometimes twelve months or more, depending on the complexity of the asset base and the number of creditor claims that require investigation.

Alternatives include a Company Voluntary Arrangement (CVA), administration, or informal negotiation with creditors. For solvent companies, a Members' Voluntary Liquidation is an option. A licensed practitioner will assess your position and explain which route might preserve more value for stakeholders.

Employees are entitled to claim certain payments from the National Insurance Fund, including arrears of wages and holiday pay. The liquidator will advise on the correct procedure for redundancies and will handle the necessary notifications to the relevant authorities.

Yes, an insolvent company can be placed into Creditors' Voluntary Liquidation. The liquidator will investigate the company's affairs and report to creditors. Directors must cooperate fully, and any assets will be distributed according to the statutory order of priority.

While initial meetings can be held remotely, you may need to attend certain statutory meetings or provide documentation in person. Your appointed liquidator will arrange a schedule that works for you, ensuring all legal requirements are fulfilled without unnecessary travel.

The liquidator is responsible for identifying, valuing, and selling company assets. This includes physical property, intellectual property, and book debts. The proceeds are then distributed to creditors in a strict legal order. The liquidator must act in the best interests of all creditors.

Limited liability generally protects directors from personal liability for company debts. However, liability can arise if you have given personal guarantees, traded fraudulently, or acted wrongfully. A licensed practitioner will assess your conduct and advise on any potential exposure.