Professional Company LiquidatorsServing Kirkcaldy Businesses

A licensed liquidator takes control of the company's affairs, realises assets, settles debts with creditors in the correct order, and formally dissolves the company. They also investigate the conduct of directors and report to the relevant authorities if any irregularities are found.

Costs vary depending on the complexity of the company's finances. Typically, a creditors' voluntary liquidation will require a deposit before the process starts, with the remainder paid from the realisation of assets. A licensed practitioner will provide a clear fee structure before you commit.

Yes, it is possible to liquidate a company with no assets, but the process may differ. A creditors' voluntary liquidation can be initiated with a deposit to cover the liquidator's fees. Alternatively, if the company is solvent and has no assets, a members' voluntary liquidation may be appropriate.

The duration depends on the complexity. A straightforward creditors' voluntary liquidation can take between six and twelve months to complete, while more complex cases with asset realisation or disputes may take longer. Your liquidator will provide a timeline based on your circumstances.

Voluntary liquidation is initiated by the company's directors or shareholders, either because the company is solvent (members' voluntary) or insolvent (creditors' voluntary). Compulsory liquidation is ordered by a court, often following a petition from a creditor. The process and control differ significantly.

Once a liquidator is appointed, their powers supersede those of the directors. The liquidator will decide whether to continue trading temporarily to achieve a better return for creditors, or to cease trading immediately. You must not trade without the liquidator's consent once the process begins.

Employees are made redundant when a company enters liquidation, unless the liquidator retains them to assist with winding down operations. Claims for unpaid wages, holiday pay, and redundancy can be made to the National Insurance Fund, but the liquidator will guide you through the process.

Yes, alternatives include a company voluntary arrangement (CVA), administration, or a formal restructuring plan. These options may allow the company to continue trading while repaying creditors over time. A licensed insolvency practitioner can assess which route is most suitable for your situation.

Generally, no. Limited liability protects directors from personal liability for company debts, provided they have not given personal guarantees or acted wrongfully. However, if you have traded while insolvent or misused company funds, you could be held personally responsible.

You should choose a licensed insolvency practitioner with experience in your sector and a transparent fee structure. It is wise to speak with more than one professional to compare approaches and ensure you feel comfortable. The practitioner must be independent and act in the interests of creditors.