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Matrix Accountancy Services Limited
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FLEXIE ACCOUNTANTS LTD
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Zak Partnership
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Capital Accountancy - Accountants & Tax Advisors
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Raven Solution
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AMSTOR ACCOUNTANTS LIMITED
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Business Partners Accountants & Bookkeepers
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HHR ACCOUNTANCY LTD
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R Albert Accountancy Ltd
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Additions Accountancy
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Frequently asked questions
What is the difference between compulsory and creditors voluntary liquidation in Attleborough?
Creditors voluntary liquidation (CVL) is initiated by the directors when the company is insolvent, and it is the most common procedure. The directors call a meeting of shareholders to pass a resolution to wind up the company, and then a meeting of creditors is held to confirm the appointment of a liquidator. Compulsory liquidation, on the other hand, is a court-ordered winding-up process that usually follows a creditor presenting a winding-up petition, often due to unpaid debts. In compulsory liquidation, the court appoints the Official Receiver initially, who may then appoint an insolvency practitioner as liquidator.
How much does it cost to liquidate a company in Attleborough?
The cost of liquidation in Attleborough varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward creditors voluntary liquidation, fees typically range from £4,000 to £8,000 plus VAT, but they are often paid from the company's assets. If the company has no assets, directors may need to fund the liquidation personally. We provide a detailed fee quote upfront after an initial assessment, with no hidden costs, and we explain how the fees are prioritised in the statutory hierarchy.
Can I liquidate a solvent company in Attleborough?
Yes, if your company is solvent but you no longer wish to trade, you can use a members voluntary liquidation (MVL). This process is only available if the directors can make a statutory declaration of solvency, confirming that the company will be able to pay its debts in full within a specified period (usually 12 months). An MVL allows for the orderly realisation of assets and distribution of surplus funds to shareholders, often with tax advantages for capital distributions. Our licensed insolvency practitioners can guide you through this process to ensure compliance with the Companies Act.
What are the legal duties of directors when a company is insolvent in Attleborough?
Directors have a legal duty to act in the best interests of creditors when the company is insolvent or bordering on insolvency. This includes avoiding wrongful trading, which means continuing to trade when you know the company cannot avoid liquidation. Directors must also not prefer one creditor over another, and they must cooperate with the liquidator by providing all necessary books and records. Failure to fulfil these duties can lead to personal liability for company debts, disqualification as a director, or even criminal prosecution. Seeking professional advice early is essential to mitigate these risks.
How long does the liquidation process take in Attleborough?
The duration of a liquidation in Attleborough depends on the type of liquidation and the complexity of the case. A creditors voluntary liquidation typically concludes within 6 to 12 months, but if there are complex asset recoveries or legal disputes, it can take longer. Compulsory liquidation may also take a similar timeframe, but the initial court process can add several months. Members voluntary liquidations are often quicker, sometimes completing in 3 to 6 months. Your liquidator will provide a timeline based on your specific circumstances and keep you updated throughout the process.
What happens to employees when a company goes into liquidation in Attleborough?
When a company enters liquidation, employees are automatically dismissed from the date of the liquidation order or the resolution to wind up. The liquidator will assess claims for unpaid wages, holiday pay, and redundancy pay. Employees may be able to claim certain statutory payments from the National Insurance Fund, such as redundancy pay and unpaid wages up to statutory limits. The liquidator will provide employees with the necessary claim forms and guidance. If the business is sold as a going concern, employees may transfer under TUPE regulations, and their continuity of employment is preserved.
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