Professional Company Liquidatorsin Haddington

The cost varies depending on the complexity of the company's affairs. A simple, asset-light liquidation will be less expensive than one with many creditors or legal issues. You should request a fixed fee quote from a licensed practitioner before agreeing to proceed.

Any limited company that is insolvent is eligible for a Creditors' Voluntary Liquidation. This means the company cannot pay its debts as they fall due. A licensed insolvency practitioner will assess your financial position to confirm eligibility and recommend the most suitable procedure.

The process begins with a meeting of directors to pass a resolution. Then, a meeting of creditors is held where they vote on the appointment of the nominated liquidator. The liquidator then takes control of the company's assets and affairs.

A straightforward liquidation might be completed within six to nine months. However, complex cases involving asset realisation or legal disputes can take considerably longer. The practitioner will provide a timeline estimate after reviewing the company's specific circumstances.

Yes, you can continue trading during the preparation phase, but you must act with caution. You should not incur new credit that you cannot repay. Continuing to trade while insolvent without seeking professional advice could lead to personal liability for wrongful trading.

Several alternatives exist, including a Company Voluntary Arrangement to repay debts over time, or administration which aims to rescue the business as a going concern. Informal arrangements with creditors might also be possible. Your chosen practitioner will explain the pros and cons of each option.

Employees are made redundant when a liquidation commences. They may be entitled to claim certain payments from the National Insurance Fund for unpaid wages, holiday pay, and redundancy pay. The liquidator will provide them with the necessary claim forms and guidance.

Generally, no. The limited liability status of your company protects your personal assets from business creditors. However, personal liability can arise if you have given personal guarantees or if you have acted wrongfully or fraudulently. The liquidator will investigate your conduct.

Yes, it is still possible to place an insolvent company into liquidation even if it has no assets. This is often referred to as a 'no-asset liquidation'. Creditors are informed, and the liquidator will file the necessary documents to close the company.

The liquidator's role is to take control of the company's assets, realise them for the benefit of creditors, and investigate the directors' conduct. They also deal with creditor claims, distribute any funds available, and finally apply to have the company dissolved.