ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Breco Accounting Services
Client centered accountant concentrating on helping small businesses and individuals. Friendly Service, Competitive rates. Payroll Services, Vat Retur...See More
TaxKings Tax Made Simple
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IDEO BUSINESS SERVICES LTD
This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
Stewart Accounting Services
Stewart Accounting Services, Chartered Accountants, is a CA firm with its main office in Alloa, Clackmannanshire. We also have offices in Falkirk and ...See More
Agility Bookkeeping
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CloudBook Accountants Ltd
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Tax Returns - London
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LFR Accounting
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Sabre Accountants
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NIXON WILLIAMS LIMITED
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LLOYDS ACCOUNTANTS LTD
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Pepperhill Associates
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Holden Associates
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GE ACCOUNTANCY LTD
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Holdsworth Accountancy
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C & B Accounting Solutions Ltd
All aspects of bookkeeping, payroll & accounting undertaken
Harris Rosenberg Chartered Accountants
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Frequently asked questions
What is the difference between a solvent and an insolvent liquidation in Airdrie?
A solvent liquidation, known as a Members' Voluntary Liquidation (MVL), is used when a company is solvent and can pay its debts in full within 12 months. It is often for tax efficiency when closing a successful business. An insolvent liquidation, typically a Creditors' Voluntary Liquidation (CVL), occurs when a company cannot pay its debts, and the liquidator realises assets to distribute to creditors fairly.
How much does company liquidation cost in Airdrie?
The cost varies based on the complexity of the company's affairs, asset value, and number of creditors. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, but we provide a fixed-fee quote after a free initial review. MVL costs are often similar but may be higher if tax planning is involved. We always provide transparent, upfront pricing.
How long does the liquidation process take in Airdrie?
A Creditors' Voluntary Liquidation (CVL) usually takes between 6 to 12 months to complete, depending on the realisation of assets and resolution of creditor claims. A Members' Voluntary Liquidation (MVL) can often be completed in 6 to 9 months. The liquidator must file final accounts and notify Companies House, which concludes the process.
What happens to employees when a company goes into liquidation in Airdrie?
When a company enters liquidation, employees are automatically made redundant from the date of the liquidation order. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, unpaid wages, holiday pay, and pension contributions. These claims are often paid from the National Insurance Fund (via the Redundancy Payments Service) if the company lacks sufficient assets.
Can a director avoid personal liability during liquidation in Airdrie?
Yes, if you have acted in good faith and complied with your statutory duties, you generally will not face personal liability. However, if there is evidence of wrongful trading, fraudulent activity, or misuse of company funds, the liquidator may pursue legal action against you. Seeking professional advice early can help you avoid such risks and ensure a smooth process.
What are the alternatives to liquidation for a struggling business in Airdrie?
Alternatives include company administration, which gives a licensed insolvency practitioner control to attempt to rescue the business as a going concern, or a Company Voluntary Arrangement (CVA), which is a formal agreement to repay creditors over time. Informal arrangements with creditors, such as payment plans, may also be possible. We can assess your situation to recommend the best option.
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