Professional Company Liquidators inMotherwell Lanarkshire

A licensed insolvency practitioner takes control of the company, realises its assets, settles outstanding debts, and distributes any remaining funds to creditors. They also investigate the directors' conduct and report to the relevant authorities. Their role is to wind down the company in an orderly and lawful manner, ensuring all legal obligations are met.

The cost depends on the complexity of the case, the size of the company, and the amount of work involved. For a straightforward creditors' voluntary liquidation, fees can start from around £4,000 plus VAT, but this varies. Always ask for a clear written quote before instructing anyone, and confirm what services are included in that fee.

Yes, but you will need to fund the liquidation personally if the company has no assets. Creditors' voluntary liquidation requires a statement of affairs and a meeting of creditors. If there are no funds at all, a director may apply for compulsory liquidation via the court, but this can be a lengthy process.

The timeline varies. A simple creditors' voluntary liquidation can be completed in six to nine months, but complex cases with asset sales or legal disputes may take several years. The liquidator must finalise all matters, including tax clearance, before the company is formally dissolved. You should receive a progress update at each stage.

Voluntary liquidation is initiated by the directors or shareholders, usually through a creditors' voluntary liquidation when the company is insolvent. Compulsory liquidation is a court order, often from a creditor petition. Voluntary is generally faster and gives directors more control, whereas compulsory involves a court-appointed official receiver and is more formal.

Yes, a solvent company can be closed via a members' voluntary liquidation, provided the directors make a statutory declaration of solvency. This process allows surplus assets to be distributed to shareholders in a tax-efficient manner. The liquidator confirms that all debts are paid before the company is dissolved, which usually takes around one year.

Alternatives include a company voluntary arrangement (CVA) to repay debts over time, administration to give breathing space, or a formal restructuring. In some cases, selling the business as a going concern can preserve jobs and value. A licensed professional can help you assess which option is most suitable for your circumstances.

Generally, directors are not personally liable for company debts if they have acted properly. However, personal liability can arise if you have given personal guarantees, traded wrongfully, or misused funds. The liquidator will investigate your conduct and may seek a contribution if they find evidence of misconduct. Seek advice early to avoid such risks.

You will need to provide full accounting records, bank statements, tax returns, details of assets and liabilities, and a list of creditors. The liquidator will also ask for information about any transactions in the period before liquidation. It is important to be transparent and cooperative, as failure to provide information can delay the process.

No, once a liquidator is appointed, they take control of the company and trading must cease. However, in certain circumstances, the liquidator may continue trading for a short period to sell stock or complete contracts. You should not incur any new debts after the liquidation starts, as this could lead to personal liability.