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This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
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Frequently asked questions
What are the main types of company liquidation available in Stranraer?
In Stranraer, the main types are Creditors Voluntary Liquidation (CVL) for insolvent companies, Members Voluntary Liquidation (MVL) for solvent companies, and Compulsory Liquidation which is court-ordered. A CVL is initiated by directors when the company cannot pay debts, while an MVL is used to close a solvent company tax-efficiently. Compulsory liquidation follows a creditor's petition. Our licensed liquidators help you choose the correct procedure based on your financial status and goals.
How much does it cost to appoint a company liquidator in Stranraer?
Costs vary based on company size, asset complexity, and creditor numbers. For a typical CVL in Stranraer, fees range from £3,000 to £6,000 plus VAT, often paid from company assets. Some liquidators offer fixed fees for straightforward cases. We provide transparent quotes upfront with no hidden charges. If the company has no assets, directors may need to fund the liquidation personally. Always request a detailed fee breakdown before appointing a liquidator.
What are the legal duties of directors when a Stranraer company becomes insolvent?
Directors must avoid wrongful trading—continuing to trade while knowing the company cannot avoid insolvency. They must prioritise creditor interests, keep accurate financial records, and call a creditors' meeting if insolvent. Failing to act can lead to personal liability for debts, disqualification, or even criminal prosecution. Our liquidators help you comply with the Insolvency Act 1986, ensuring you meet statutory obligations and document decisions properly to protect yourself.
Can I keep trading while my Stranraer company is in liquidation?
Once a compulsory liquidation order is made, trading must stop immediately. In a CVL, trading may continue for a short period with the liquidator's permission, but only to complete work in progress or preserve asset value. The liquidator takes control of the company's affairs from appointment. Directors lose authority to make business decisions. If you need to trade to sell the business as a going concern, discuss this with your liquidator before the process begins.
How long does a company liquidation take in Stranraer?
A straightforward CVL typically completes in 6 to 12 months, but complex cases with asset realisation or legal disputes can take longer. MVLs often close within 6 months if all assets are distributed and final accounts filed. The timeline depends on creditor claims, property sales, and HMRC investigations. Our Stranraer liquidators work efficiently to conclude the process promptly, but statutory waiting periods and formalities can extend the duration.
What happens to employees during a Stranraer company liquidation?
Employees are automatically made redundant when a compulsory liquidation order is made. In a CVL, the liquidator terminates contracts on appointment. Employees may claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator provides each employee with form RP1 and handles preferential creditor status for their claims. We guide staff through the claims process and answer any questions.
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