Professional Company LiquidatorsServing Hawick Businesses

The cost varies based on the complexity of your company's affairs, the number of assets, and the level of creditor involvement. Typically, fees are based on time spent or a fixed fee agreed upfront. You should request a clear quotation from any liquidator before you commit.

Any limited company that is insolvent, meaning it cannot pay its debts when they fall due, may be eligible for creditors' voluntary liquidation. Directors can also initiate a members' voluntary liquidation if the company is solvent but no longer needed. Eligibility depends on your specific financial position.

The process typically takes between six and twelve months, but this can extend if there are complex assets, disputes, or if investigations are required. The liquidator must realise assets, agree claims, and distribute funds to creditors before the company is dissolved.

Alternatives include a company voluntary arrangement (CVA) to restructure debts, administration to give breathing space, or informal negotiations with creditors. Sometimes selling the business as a going concern can preserve jobs and value. A licensed professional can help you assess which option suits your situation.

Once a compulsory liquidation order is made or a creditors' voluntary liquidation is approved, the liquidator takes control. You cannot continue trading in the company's name without the liquidator's permission. However, you may be able to buy back assets or start a new business, subject to restrictions.

Employees are made redundant on the date of liquidation. They may be entitled to claim redundancy pay, notice pay, and unpaid wages from the National Insurance Fund, which is a statutory scheme. The liquidator will provide the necessary forms and guidance to affected staff.

No, you can appoint a liquidator from anywhere, but choosing one with local knowledge of Hawick can be beneficial. They may understand regional market conditions and have relationships with local creditors, which can facilitate smoother communication and asset realisation.

Directors must cooperate with the liquidator, provide all company records, and disclose any transactions that may be challenged. You must not hide assets or prefer certain creditors. Failure to comply can result in personal liability, disqualification, or even criminal prosecution.

Yes, it is possible to liquidate an insolvent company with no assets, but it may be classified as an insolvent liquidation with no funds for creditors. In such cases, the director may need to fund the liquidator's fees, or the company could be struck off instead if it meets certain criteria.

You should first consult with a licensed insolvency practitioner. They will review your financial position, advise on the most appropriate procedure, and help you convene a meeting of shareholders or apply to the court if necessary. The process begins with a formal resolution and appointment.