• Low-Cost Liquidation
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  • Stop HMRC & Creditor Pressure

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Scotland Liquidators Airdrie

Scotland Liquidators are a leading liquidation firm operating across Scotland, including Airdrie. Meaning ‘high hill pasture’ in Gaelic, the North Lanarkshire town of Airdrie holds great historical significance and a sporting legacy. Our team of licensed insolvency practitioners are here to guide you through the available liquidation options for your limited company in Airdrie.

When facing pressure from rising debt, including HMRC, VAT, late invoice payments, and supplier debt, we can help you understand your options. If your company is insolvent, our expert team can liquidate your company and resolve debt issues if a rescue or restructuring strategy is not appropriate. Operating for over 35 years, here at Scotland Liquidators we have assisted hundreds of directors over the years across the regions of Scotland, including Airdrie.

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Creditor’s Voluntary Liquidation in Airdrie

When facing insolvency, we can help to close your company through a Creditors’ Voluntary Liquidation (CVL). This process is used to help bring an end to those companies who are dealing with insurmountable debt, and ensure creditors are repaid as far as possible using the company’s assets. If you fail to take action as a director, you may face compulsory liquidation mandated by a winding up order. It is recommended to take action quickly in the face of insolvency to avoid your company being forced to close by order of the courts.

If your company doesn’t have outstanding debts but you wish to close it, we can help with a solvent liquidation. Whether you may be seeking to retire, or no longer intend to keep your business running, we can assist through a Members’ Voluntary Liquidation (MVL). 

To learn more about the different liquidation options for your company in Airdrie, contact our team today for a free consultation with our licensed insolvency practitioners operating across Scotland. We provide a free initial consultation to understand your company’s financial situation and determine the best liquidation option going forward. 

Our team works across a network of areas extending to Johnstone, Falkirk, and Bellshill and provides free and confidential meetings to discuss your company liquidation options. Contact our team of liquidation experts operating across Airdrie today for more information.

Closing a Scottish limited company with HMRC debts

If your limited company is no longer financially viable and you have tax debts you cannot pay, closing it down can be an effective way to escape the financial pressure so you can move on to something new.

As soon as you become aware your company is insolvent, you should cease trading and seek professional advice from an Insolvency Practitioner. Your legal duties as a director now switch from promoting the success of the company to acting in the best interests of your creditors (parties you owe money to). By ceasing trading, it prevents the company from building up further debts it cannot pay that you could be made personally liable for.

Once you have ceased trading, you can voluntarily enter the company into a formal insolvency procedure called a Creditors’ Voluntary Liquidation (CVL). You must appoint an Insolvency Practitioner (IP) to act as the liquidator. They will take control of the company, invite claims from your creditors and sell off the company’s assets to raise money to repay HMRC and any other creditors.

The liquidator will repay your creditors in a strict order. As long as you have acted according to the insolvency rules, any debts the company cannot pay in full, including the company’s tax debts, will be written off. You’ll only have personal liability issues if you have signed a personal guarantee to secure company borrowing.

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Why you need to act quickly with HMRC debts

Owing money to HMRC is not unusual. Most businesses in financial distress will have some form of tax debt. As the most common creditor in the UK, HMRC has strong powers of debt enforcement and will act quickly to recover its money and prevent you from accruing further tax liabilities you cannot pay.

It might be possible to negotiate a Time to Pay arrangement with HMRC, which will give you more time to pay what you owe. However, if your business is no longer financially viable, it’s in everyone’s best interests to close it down.

If you do not enter the company into liquidation voluntarily, HMRC can issue a Winding Up Petition to force the business into Compulsory Liquidation. As part of the process, the liquidator will investigate the reasons for the insolvency and the directors’ actions. That increases the likelihood that you will receive a penalty, such as being made personally liable for company debts or being handed a directorship ban.

Can I dissolve a company with tax debts in Scotland?

You might have heard of Company Dissolution or Strike Off as a way of closing your company. However, only solvent businesses can use this process. To dissolve your company, you would have to contact HMRC to settle your tax debts and repay all your other creditors in full. Only then could you apply to Companies House to strike your business off the official register.

If you try to dissolve a company without paying your tax debts, HMRC will formally object to your application. You could also face serious reprisals from the Insolvency Service, as it will be noted that you tried to use the strike-off process to avoid paying your debts.

Take our 60 Second Test to understand your options

There are three main ways to close a company in Scotland. Taking our 60 Second Test will help our advisers identify the correct route forward for you and your company.

While all three closure options have their advantages and disadvantages, the right one for you will depend on a number of factors including the current financial position of the company and your plans for the future.

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Why close a company with HMRC debts via a Creditors’ Voluntary Liquidation?

If you want to close your limited company and have tax debts you cannot pay, you have two options. You can:

  • put the company into liquidation voluntarily via a Creditors’ Voluntary Liquidation (CVL); or
  • wait for HMRC or another creditor to force you into Compulsory Liquidation.

There are several benefits associated with taking control of the situation by initiating a CVL:

  • You can decide when you enter liquidation and appoint your choice of liquidator.
  • The liquidator will still scrutinise your conduct, but there’s less risk that director misconduct allegations will be made against you.
  • If you have worked as an employee of the company for a minimum of 16 hours a week for at least two years, you could be eligible for company director redundancy pay.

If you’re unsure of your next steps or want to know more about how to close a limited company with HMRC debts, please contact the team at Scotland Liquidators. We offer free same-day consultations and provide expert guidance and support throughout the process.

Supporting 25,000+ Limited Company Directors

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I knew I needed to close my company but I wasn’t sure how to go about this with large debts that I was unable to repay. Scotland Liquidators clearly explained my options and held my hand throughout the entire process.

Catherine Muller | Director

I would highly recommend Scotland Liquidators to anyone considering closing their business. From the first phone call I knew where I stood and what my options were. I cannot thank them enough.

Jonathan Booth | Director

Scotland Liquidators helped me close my company last year after I made the tough decision to stop trading. My advisor was patient, knowledgeable, and supportive from start to finish. Many thanks.

Colin Franklin | Former CEO
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Trusted by over 1500+ Scots

Contact the Scotland Liquidators Team

There are several options when it comes to closing a limited company and it is vitally important you choose the one which is right for you, your company, and your creditors. Whether you are struggling with rising costs, falling trade, or impatient creditors, we are here to help.

  • Experts in Scottish Insolvency
  • 100% Confidential Advice
  • 5 Offices across Scotland
  • Licensed Insolvency Practitioners
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