Professional Company LiquidatorsServing Bishopbriggs

The cost of a Creditors' Voluntary Liquidation is not fixed, as it depends on the size and complexity of your company's affairs. Fees are typically based on the amount of work required, including asset realisation and dealing with creditor enquiries. A licensed insolvency practitioner will provide a clear quote before you commit.

Yes, a company with no assets can still be liquidated. In such cases, the process is often funded by the directors, and the practitioner's fee is agreed upon before the liquidation begins. This is known as a 'no-asset' liquidation and it allows for a formal closure of the company.

A Members' Voluntary Liquidation is used for a solvent company, where directors make a statutory declaration of solvency. A Creditors' Voluntary Liquidation is for an insolvent company that cannot pay its debts. The latter involves a meeting of creditors and a more formal process.

The length of a liquidation varies, but a typical Creditors' Voluntary Liquidation can be completed in around 6 to 12 months. This timeframe depends on how quickly assets can be sold and on the complexity of the company's financial affairs. Simple cases may conclude faster.

Yes, alternatives to liquidation exist. A Company Voluntary Arrangement allows you to repay debts over time. Administration can provide a moratorium from creditors, giving time to restructure. Each option has different implications for directors and creditors, so it is vital to seek professional advice.

Employees are made redundant when a company enters liquidation. They may be entitled to claim certain payments from the National Insurance Fund, such as redundancy pay, arrears of wages, and holiday pay. The liquidator will provide the necessary forms to help employees make their claims.

Yes, you can generally act as a director of another company after a liquidation, provided you have not been disqualified by the court. However, your conduct as a director of the liquidated company will be investigated, and disqualification is possible if you are found to have acted improperly.

When a company is insolvent, a director's duties shift to prioritising the interests of creditors. You must not continue trading if this will worsen the company's position. You must also keep proper records and avoid making payments that prefer one creditor over another. Breaching these duties can lead to personal liability.

You will need to provide the liquidator with the company's books and records, including details of all assets and liabilities. This includes bank statements, invoices, tax returns, and a list of creditors and debtors. The liquidator will also need a statement of affairs to understand the company's financial position.

If you have given personal guarantees for company debts, your personal assets could be at risk. Otherwise, the principle of limited liability generally protects your personal assets. However, if you have acted fraudulently or wrongfully, you could be held personally liable for some of the company's debts.