Company Liquidators in Aberdeenfor Professional Advice

The cost varies based on company size, asset complexity, and creditor numbers. Typically, fees range from a few thousand pounds for a straightforward case to more for complex insolvencies. A licensed practitioner will provide a fixed fee quote after an initial assessment.

Any insolvent company whose directors believe it cannot pay its debts may enter creditors' voluntary liquidation. This requires a board resolution and a meeting of creditors to approve the appointment of a liquidator. The process is suitable for companies with assets or liabilities that need formal winding up.

The initial appointment can happen within weeks, but the full liquidation process often takes six to twelve months. This depends on selling assets, dealing with creditor claims, and completing legal formalities. Your liquidator will provide a timeline based on your specific circumstances.

Alternatives include administration, company voluntary arrangement, or informal restructuring. A company voluntary arrangement allows you to repay debts over time while trading. Administration provides protection from creditors while a rescue plan is attempted. A licensed professional can help you decide which route suits your situation.

Yes, you can liquidate an assetless company, but you must consider how to fund the process. Creditors' voluntary liquidation requires a deposit to cover costs. If the company has no assets, you may need to fund the process personally or consider a strike-off if it meets the criteria.

Employees are made redundant when the company enters liquidation. They may claim statutory redundancy pay, notice pay, and unpaid wages from the National Insurance Fund. The liquidator will provide them with the necessary forms and information to make claims.

Generally, no, unless you have given personal guarantees or acted wrongfully. If you have traded while insolvent or breached director duties, you could face personal liability. A licensed professional will review your conduct and advise on potential risks before you proceed.

Look for a practitioner who is authorised by a recognised professional body, such as the Institute of Chartered Accountants. Check their experience with your type of business and ask for references. Speak with a specialist listed on AccountingFirms to ensure you receive regulated advice.

You will need to provide company accounts, bank statements, tax returns, a list of creditors and debtors, asset details, and employee records. The liquidator will also require a statement of affairs showing the financial position. Accurate information ensures a smooth process.

Once liquidation starts, directors lose control of the company, and the liquidator takes over. Trading cannot continue unless the liquidator decides it is beneficial for realising assets. Any trading after the decision to liquidate may be considered wrongful trading, so seek advice before continuing.