Company Liquidators in BearsdenExpert Guidance for Bearsden

A company liquidator is a licensed insolvency practitioner who takes control of the company, realises its assets, settles creditor claims, and formally dissolves the business. They ensure the process is handled legally and fairly, while advising directors on their obligations throughout.

Costs vary depending on the complexity of the company's affairs, but for a straightforward creditors' voluntary liquidation, fees typically range from £4,000 to £8,000 plus VAT and disbursements. The liquidator's fees are paid from company assets, not directly from the director's pocket.

If your company is insolvent, meaning it cannot pay its debts as they fall due, and the directors believe there is no viable future, you can propose a creditors' voluntary liquidation. This requires a board resolution and shareholder approval, followed by a creditors' meeting.

The process begins with an assessment by a licensed insolvency practitioner. If liquidation is agreed, the directors call a meeting of shareholders to pass a resolution, and then creditors are notified. A creditors' meeting is held to confirm the appointment of the liquidator.

The duration varies, but a typical creditors' voluntary liquidation may take between six to twelve months to conclude, depending on the complexity of realising assets and resolving creditor claims. Simple cases can be completed more quickly, while those with disputes or legal issues may take longer.

Yes, alternatives include a company voluntary arrangement, administration, or informal negotiations with creditors. A licensed insolvency practitioner can assess your situation and advise on the most suitable option, which might allow the business to continue trading or achieve a better return for creditors.

Employees are made redundant once the company enters liquidation, and they become preferential creditors for unpaid wages and holiday pay. The liquidator will provide the necessary documentation for employees to claim redundancy payments from the National Insurance Fund.

Yes, you can start a new company after a creditors' voluntary liquidation, provided you have not been disqualified as a director. However, you should seek professional advice to ensure you comply with any restrictions, especially if you have been involved in a phoenix company situation.

If you continue trading while insolvent, you risk personal liability for wrongful trading. Creditors may also petition the court to wind up the company, which could lead to a compulsory liquidation, and you may face disqualification proceedings.

Look for a practitioner who is authorised by a recognised professional body, such as the Insolvency Practitioners Association. They should have experience with similar companies and offer transparent fee structures. You can verify their credentials and check for any regulatory actions.