Professional Company LiquidatorsServing Livingston Businesses

The cost can vary significantly depending on the size and complexity of the company's affairs. A licensed insolvency practitioner will provide a fixed fee quote after an initial assessment. This fee is often paid from the company's assets, but if assets are insufficient, it may be funded by directors or secured creditors.

The entire process, from the court order to the final dissolution of the company, can take between 12 and 18 months. This timeframe allows the liquidator to realise assets, investigate the company's affairs, and distribute funds to creditors. A creditors' voluntary liquidation can sometimes be concluded more quickly, often within a similar period.

A creditors' voluntary liquidation is initiated by the directors and shareholders, who pass a resolution to wind up the company. A compulsory liquidation is forced by a creditor through a court order. The process and level of court involvement differ, and your specific circumstances will determine which route is applicable.

Usually, no. The limited liability status protects your personal assets. However, personal liability can arise if you have given a personal guarantee for a business loan or overdraft. Furthermore, if you have traded wrongfully or fraudulently, a court can order you to contribute to the company's assets from your own funds.

The insolvency practitioner acts as the liquidator, taking control of the company's assets for the benefit of its creditors. They are responsible for realising those assets, investigating the reasons for the insolvency, and reporting to creditors and the relevant authorities. They must be licensed and are regulated to ensure compliance with insolvency law.

Yes, there are several alternatives. A Company Voluntary Arrangement (CVA) allows you to repay debts over a period. Administration can provide a moratorium from creditors, potentially allowing for a business rescue. An informal arrangement with creditors is also possible. You should discuss all options with a professional to find the most suitable solution.

Employees will be made redundant once the liquidator is appointed. They may be able to claim certain statutory payments, such as redundancy pay and arrears of wages, from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to help employees make these claims promptly.

Yes, you can generally start a new company, but there are restrictions. If you have been a director of a company that has gone into insolvent liquidation, you may be subject to a disqualification order or undertaking. You must also avoid using a 'phoenix' company name that is the same or similar to the old one without permission.

You will need to provide all company records, including financial statements, bank statements, details of assets and liabilities, and a list of creditors. You must also provide a statement of affairs, which is a formal document outlining the company's financial position. Full cooperation at this stage is a legal requirement.

The first step is to speak with a licensed insolvency practitioner. You can connect with a specialist listed on AccountingFirms to arrange a free, confidential consultation. They will assess your situation and advise on the best course of action, whether that is liquidation or an alternative solution.