Professional Company LiquidatorsServing Inverness Businesses

A licensed insolvency practitioner takes control of the company's affairs, realises assets, settles creditor claims in the correct statutory order, and investigates the directors' conduct. They then formally dissolve the company and remove it from the register. Their role is to ensure the process is fair and lawful for all parties involved.

Costs vary depending on the company's size, asset complexity, and the number of creditors. Creditors' voluntary liquidation is often funded from the company's assets, while compulsory liquidation involves court fees. A licensed practitioner will provide a fixed fee quotation after assessing the company's position during a free initial consultation.

Directors can appoint a liquidator through a creditors' voluntary liquidation if the company is insolvent. Shareholders can also pass a resolution for a members' voluntary liquidation if the company is solvent. Creditors may petition the court for a compulsory liquidation if they are owed money and the company cannot pay.

A straightforward creditors' voluntary liquidation typically completes within six to twelve months. Complex cases with substantial asset sales, legal disputes, or incomplete records may take longer. The liquidator must file final accounts with the registrar before the company is formally dissolved, which concludes the process.

You can continue trading if it does not worsen the position of creditors. However, you must not take on new credit without disclosing your financial position. Trading while insolvent risks personal liability for wrongful trading. Professional advice should be sought immediately to protect your legal position.

Alternatives include a company voluntary arrangement to repay debts over time, administration to restructure the business, or informal negotiations with creditors. For solvent companies, a members' voluntary liquidation is used after striking off. Each option has distinct consequences, and professional advice is essential to select the correct route.

Employees are automatically dismissed when a liquidator is appointed. They become preferential creditors for unpaid wages, holiday pay, and pension contributions. The liquidator will provide the necessary documentation for employees to claim redundancy payments from the government's insolvency fund. Employees should cooperate fully with the liquidator's requests.

Directors are generally not personally liable for company debts if they have acted properly. However, liability can arise if you have given personal guarantees, traded wrongfully, or misused company funds. The liquidator investigates your conduct and may pursue claims against you if evidence of misconduct is found.

Yes, a company with no assets can be placed into creditors' voluntary liquidation. The licensed practitioner will need to confirm there are no funds to cover their fees. In some cases, directors may need to contribute towards costs or consider a strike-off procedure if the company has no creditors or liabilities.

You must provide the company's books and records, including accounts, bank statements, VAT returns, payroll records, and details of all assets and liabilities. You must also complete a statement of affairs listing creditors and their amounts. Full disclosure is required to enable the liquidator to perform their statutory duties.