Company Liquidators inEast Kilbride

A company liquidator is a licensed insolvency practitioner who takes control of a company's assets, settles its debts in the statutory order, and then dissolves the company. They also investigate the directors' conduct and report to creditors and shareholders on the financial affairs of the business.

The cost of liquidation varies depending on the size and complexity of the company, but typical fees for a creditors' voluntary liquidation start from around £4,000 plus VAT and disbursements. For a solvent members' voluntary liquidation, fees are often lower. Always obtain a fixed fee quote before appointing a liquidator.

Solvent liquidation, called a members' voluntary liquidation, is used when a company can pay all its debts in full within twelve months. Insolvent liquidation, usually a creditors' voluntary liquidation, is used when the company cannot pay its debts. Compulsory liquidation is a court order obtained by a creditor.

A creditors' voluntary liquidation typically takes between six and twelve months to complete, depending on the complexity of the asset realisation and any legal issues. A members' voluntary liquidation can be completed more quickly, often within three to six months, once all assets are sold and debts paid.

Yes, you can liquidate a company with no assets, but you will need to fund the liquidator's fees personally or through a director's loan. In some cases, an application to strike off the company may be a cheaper alternative, but that does not provide the same protection from future claims by creditors.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to allow a restructure, or a formal restructuring plan. For solvent companies, a members' voluntary liquidation is often used after a successful sale of the business. A licensed practitioner can advise which route is best for your situation.

Generally, directors are not personally liable for company debts, provided they have not acted wrongfully or fraudulently. However, if you have given personal guarantees, made preferential payments, or traded while insolvent, you could be held liable. A liquidator will investigate your conduct and report any issues.

Choose a licensed insolvency practitioner who is authorised by a recognised professional body, such as the Insolvency Practitioners Association or the Institute of Chartered Accountants. Look for someone with experience in your industry, transparent fee structures, and a track record of successful liquidations. You can connect with a specialist listed on AccountingFirms.

Employees are made redundant when a liquidator is appointed. They may be able to claim statutory redundancy pay, notice pay, and unpaid wages from the National Insurance Fund. The liquidator will provide each employee with form RP1 and explain how to make a claim. Preferential claims for employee wages are paid before unsecured creditors.

Yes, you can start a new company after liquidation, but there are restrictions. If you were a director of a company that went into insolvent liquidation, you may be subject to a disqualification order for up to fifteen years. You cannot use a prohibited name for the new company without court permission.