Professional Company LiquidatorsServing Coatbridge Businesses

A company liquidator is a licensed insolvency practitioner who manages the closure of an insolvent company. Their role includes realising assets, agreeing creditor claims, investigating director conduct, and distributing any available funds in the statutory order.

Liquidation costs vary depending on the size and complexity of the company. Creditors' voluntary liquidation is often funded from company assets, but if assets are limited, directors may need to contribute towards costs. Always ask for a clear fee quote before proceeding.

The process typically takes between six and twelve months, but this depends on the complexity of the case. Simple liquidations with few assets and creditors may conclude sooner, while those with disputes or investigations can take longer.

Once a company enters liquidation, the liquidator takes control and trading must cease unless the liquidator decides otherwise. Continuing to trade after liquidation has begun could lead to personal liability for the director.

A creditors' voluntary liquidation (CVL) is initiated by the directors and shareholders, while compulsory liquidation is forced by a creditor through a court order. In a CVL, directors appoint the liquidator, whereas in compulsory liquidation the court appoints an official receiver.

Yes, alternatives include administration, a company voluntary arrangement (CVA), or negotiating informal payment plans with creditors. Each option has different implications for the business and its directors, so professional advice is essential to identify the most suitable route.

Employees are usually made redundant when a company enters liquidation. They may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary forms to each affected employee.

Directors can be held personally liable if they have acted wrongfully, traded while insolvent, or misused company funds. The liquidator investigates director conduct and may take legal action to recover money for creditors if evidence of misconduct is found.

You will need to provide the company's accounts, bank statements, tax returns, details of assets and liabilities, and a list of creditors and employees. The liquidator will also require a statement of affairs to understand the financial position fully.

Choose a licensed insolvency practitioner with experience in your sector and a transparent fee structure. You can connect with a specialist listed on AccountingFirms to ensure you receive professional and regulated advice tailored to your situation.