ACCOTAX - Accountants & Tax Consultants
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HUBBLE ACCOUNTANCY LTD
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Kings Oak Accountancy
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KINGS OAK ACCOUNTANCY (SOMERSET) LTD
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R Albert Accountancy Ltd
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Purnells - Licensed Insolvency Practitioners
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Bell Stanley Accountants
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MRC Accounting Services
Providing accounting services and solutions
Naseems Accountants
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Capital Accountancy - Accountants & Tax Advisors
WE at CAPITAL ACCOUNTANCY specialises in helping small-to-medium sized businesses, sole traders, contractors and landlords. We make sure you pay the r...See More
AMSTOR ACCOUNTANTS LIMITED
Amstor Accountants Limited T/A Premier Accountants, Auditors and Tax Advisers want to help you pay less tax and keep more of the profit your business ...See More
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Raven Solution
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Modus Accountants Limited
Whether you are looking for advice, inspiration, accountancy services or all three, our integrated services will provide as much or as little su...See More
ADD- WORTH ACCOUNTANCY LTD
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Frequently asked questions
What is the role of a company liquidator in Abercynon?
A company liquidator in Abercynon is a licensed insolvency practitioner who manages the process of winding down a company's affairs. Their duties include realising company assets, distributing proceeds to creditors in the correct statutory order, investigating the company's financial history, and ensuring compliance with the Insolvency Act 1986. They also act in the best interests of creditors and can advise directors on their legal responsibilities.
How much does it cost to appoint a liquidator in Abercynon?
The cost of liquidation in Abercynon varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a creditors voluntary liquidation (CVL), fees are typically based on a percentage of the assets realised or on a fixed fee basis agreed upfront. We always provide a clear, written quote before any work begins, and in many cases, the fees are paid from the company's assets.
What is the difference between a CVL and a compulsory liquidation?
A creditors voluntary liquidation (CVL) is initiated by the directors and shareholders when the company is insolvent, and it is the most common form of liquidation. Compulsory liquidation, on the other hand, is a court-ordered process that usually follows a winding-up petition from a creditor. In a CVL, the directors appoint the liquidator, whereas in a compulsory liquidation, the Official Receiver or a court-appointed liquidator takes control.
Can a company in Abercynon trade while in liquidation?
Once a company enters liquidation, the liquidator takes control of its affairs, and the directors' powers cease. The company cannot continue trading except for the purpose of a beneficial winding up, such as completing existing contracts or selling stock. The liquidator may allow limited trading to maximise asset value, but any new trading must be approved and managed by the liquidator.
What are the legal duties of directors when their company is insolvent?
Directors of an insolvent company in Abercynon have a duty to act in the best interests of creditors, not shareholders. They must avoid wrongful trading, which means continuing to incur debt when they know the company cannot pay it. Directors must also provide accurate financial information to the liquidator and cooperate fully with the investigation. Failure to do so can lead to personal liability, disqualification, or even criminal prosecution.
How long does the liquidation process take in Abercynon?
The length of a liquidation process in Abercynon depends on the complexity of the company's affairs. A straightforward creditors voluntary liquidation can often be completed in 6 to 12 months, while more complex cases with substantial assets, disputes, or investigations may take several years. The liquidator will provide a realistic timeline at the outset and keep creditors informed of progress throughout.
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