Professional Company LiquidatorsGuidance Across Stranraer

Costs vary based on the size and complexity of the company. A licensed insolvency practitioner will provide a fee estimate after an initial review. Fees are often based on time spent or a fixed fee arrangement. Always request a clear breakdown in writing before you agree to proceed.

Directors of an insolvent company, where liabilities exceed assets, can propose a Creditors' Voluntary Liquidation. This requires a board resolution and shareholder approval. A licensed practitioner will assess your solvency status and confirm whether this formal procedure is the appropriate route for your specific circumstances.

The first step is to arrange a confidential consultation with a licensed insolvency practitioner. They will review your company's financial position, assets, and liabilities. Following this assessment, they will advise on the best course of action, which may include liquidation or an alternative solution such as a company voluntary arrangement.

The timeline varies depending on the complexity of the case. A straightforward liquidation might be completed within a few months, while more complex cases with substantial assets or legal issues can take considerably longer. The practitioner will provide a realistic timetable after their initial assessment of your company's affairs.

Once a liquidation order is made or a resolution is passed, the liquidator takes control of the company. Trading must cease immediately unless the liquidator specifically allows it to continue for a limited period to maximise asset value. Continuing to trade without permission could result in personal liability for the director.

A Members' Voluntary Liquidation is used for solvent companies where directors can swear a declaration of solvency. A Creditors' Voluntary Liquidation is for insolvent companies. The key difference is the role of creditors, who have a greater involvement in the latter process and can appoint their own nominated liquidator.

Yes, there are several alternatives. A Company Voluntary Arrangement allows you to repay debts over a period. Administration provides a moratorium from creditors. An informal arrangement or a formal restructuring may also be possible. A licensed professional can explain the suitability of each option based on your company's specific financial position.

The appointed liquidator will take control of all company assets. They will arrange for these to be valued and then sold to generate funds for distribution to creditors. The liquidator has a legal duty to obtain the best possible price for assets, ensuring a fair return for those owed money.

You have a duty to cooperate fully with the liquidator. This includes providing all relevant books, records, and information about the company's affairs. You must also complete a statement of affairs detailing the assets and liabilities. Failure to cooperate can lead to personal penalties or disqualification proceedings.

Employees will be made redundant once the liquidation takes effect. They may be entitled to claim certain payments from the government's redundancy payments service, such as statutory redundancy pay, notice pay, and unpaid wages. The liquidator will provide employees with the necessary forms and guidance to make these claims.