Professional Company LiquidatorsServing Roxburghshire

The cost varies based on the size of your company, the number of creditors, and the complexity of your assets. Most licensed practitioners offer a fixed fee or a percentage of realisations. You should always request a written quotation before proceeding. The fee is normally paid from company assets, not from your personal pocket.

A straightforward creditor voluntary liquidation usually takes between six and twelve months to conclude. More complex cases with substantial asset sales or legal disputes can take longer. Your liquidator will provide a realistic timeline after the initial review of your company's affairs. You will receive regular progress updates throughout the process.

No, once a winding-up order is granted or a creditors meeting resolves to liquidate, your powers as director cease. You must stop trading immediately except for actions necessary to preserve asset value. Your liquidator takes over control of the company's affairs from that point. Continuing to trade without authority could lead to personal liability.

Depending on your circumstances, a company voluntary arrangement, administration, or a formal restructuring plan might be more suitable. If your company is solvent but no longer needed, a members voluntary liquidation or a strike-off could be appropriate. A licensed professional will assess your financial position and recommend the least disruptive option that satisfies creditor demands and protects your position.

In most cases, limited liability protects your personal assets from company creditors. However, personal liability can arise if you have signed personal guarantees, traded wrongfully, or misused company funds. Your liquidator will investigate your conduct and report any issues. Seeking professional advice early can help you avoid personal exposure and fulfil your legal duties correctly.

You will need to provide the company's statutory books, financial records, bank statements, tax returns, and details of all assets and liabilities. You must also disclose any transactions with directors or connected parties. Full disclosure is essential for the liquidator to perform their duties properly. Failure to provide accurate information can delay the process and may result in penalties.

The first step is to speak with a licensed insolvency practitioner who will assess your company's viability. If liquidation is appropriate, the director convenes a board meeting to pass a resolution. A creditors meeting is then held to confirm the appointment. The liquidator takes control and begins realising assets and settling claims. The entire process is governed by statutory requirements.

Company assets belong to the company and are used to repay creditors. You cannot simply retain them unless you purchase them at market value from the liquidator. Personal assets such as your home or car are generally protected unless they are subject to a charge or you have given personal guarantees. Professional advice will clarify what you can legitimately retain.

Employees are automatically dismissed when a company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide each employee with the necessary claim forms and guidance. You should cooperate fully with the liquidator to ensure employees receive their statutory entitlements without unnecessary delay.

You should only instruct a licensed insolvency practitioner who is authorised by a recognised professional body. Check their credentials, experience, and fee structure before signing any engagement letter. Ask for references from other directors they have assisted. A reputable professional will offer clear advice without pressure and will always act in the best interests of all parties involved.