Professional Company Liquidators inKinross for Your Business

A licensed insolvency practitioner takes control of the company, realises assets, investigates the conduct of directors, and distributes proceeds to creditors. They also handle legal filings and ensure the company is formally dissolved at the end of the process.

Costs vary depending on the complexity and the number of assets and creditors. Typically, fees are taken from the company's assets before creditors are paid. If there are no assets, directors may need to fund the process personally. Always ask for a fixed fee quote upfront.

A creditors' voluntary liquidation is available to insolvent companies where the directors believe the company cannot pay its debts. The directors must pass a resolution to wind up and then call a meeting of creditors to approve the appointment of a liquidator.

The process typically takes between six and twelve months, but it can be longer if there are complex asset sales, legal disputes, or investigations. Once the liquidator has completed their duties, the company is struck off the register and dissolved.

You can continue trading if it does not worsen the position of creditors. However, you must avoid taking on new credit that you cannot repay. Continuing to trade while insolvent can lead to personal liability for wrongful trading, so seek advice immediately.

Voluntary liquidation is initiated by the directors or shareholders, whereas compulsory liquidation is forced by a court order, usually following a creditor's petition. The process and control differ, but both result in the company being wound up and a liquidator appointed.

Employees are made redundant when the company ceases trading. They can claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. The liquidator provides them with the necessary forms and guidance.

Yes, alternatives include a company voluntary arrangement, administration, or informal restructuring with creditors. Each option has different outcomes and implications for directors and creditors. A licensed professional can assess your situation and recommend the most suitable course of action.

Generally, directors are not personally liable for company debts, but they can be if they have given personal guarantees, traded wrongfully, or acted negligently. A liquidator investigates director conduct and can pursue claims to recover funds for creditors if misconduct is found.

You must provide all company records, including financial statements, bank statements, tax returns, and details of assets and liabilities. You also need to provide a statement of affairs, which lists what the company owns and owes. The liquidator will use this to guide the process.