Company Liquidators in Kilwinningfor Professional Guidance

A company liquidator is a licensed insolvency practitioner who manages the closure of a company. They collect and sell assets, agree claims with creditors, and distribute any remaining funds. They also investigate the conduct of directors and ensure the process follows statutory requirements.

Liquidator fees vary based on the complexity of the case, the size of the company, and the amount of work involved. Typically, fees are based on time spent or a percentage of realisations. You should ask for a clear fee structure upfront, including any disbursements, before you agree to proceed.

Yes, you can liquidate a company with no assets, but you will need to consider how the liquidator's fees will be paid. In some cases, directors may need to fund the process personally, or the company may qualify for a streamlined procedure if it meets certain criteria.

Creditors' voluntary liquidation is initiated by the directors and shareholders when the company is insolvent, and creditors agree to the process. Compulsory liquidation is a court order obtained by a creditor who is owed money, which forces the company into liquidation. The former is more common for solvent decisions.

The length of time depends on the complexity of the case, but a straightforward creditors' voluntary liquidation can take around six to twelve months. This includes the initial meeting, asset realisation, and the final distribution to creditors. More complex cases may take longer.

Yes, alternatives include a company voluntary arrangement, administration, or informal restructuring with creditors. A licensed insolvency practitioner can assess your financial position and advise on the best course of action, which might not be liquidation if the business can be rescued.

Directors must prepare a statement of affairs, which lists the company's assets and liabilities. They must also call a meeting of shareholders and creditors to approve the liquidation. Directors are required to cooperate fully with the liquidator and provide all relevant information and records.

You can continue trading, but you must be careful not to incur further debts that the company cannot repay. If you trade while insolvent and the company later goes into liquidation, you could be personally liable for wrongful trading. It is wise to seek advice early.

Employees are made redundant when a company goes into liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide guidance on how to make these claims and will deal with any preferential claims.

Look for a licensed insolvency practitioner who is registered with a recognised professional body. Check their experience with small and medium-sized companies, read client testimonials, and ask about their approach to communication and fees. It is important to feel comfortable with the person handling your case.