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Matrix Accountancy Services Limited
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Raven Solution
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AMSTOR ACCOUNTANTS LIMITED
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TAA CONSULTANTS LTD
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FLEXIE ACCOUNTANTS LTD
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The Bean Counters Accountants LLP
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John Lavender accounting ltd
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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL) in Banbury?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. The directors initiate the process, and a licensed insolvency practitioner is appointed to liquidate assets and distribute funds to creditors. In contrast, a Members Voluntary Liquidation (MVL) is for solvent companies where the directors can declare solvency and the company has sufficient assets to pay all debts in full within 12 months. MVL is often used for tax-efficient distribution of retained profits to shareholders. Both processes end with the company being struck off the Companies House register.
How much does a company liquidation cost in Banbury?
The cost of liquidation in Banbury 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 (CVL), fees typically range from £3,000 to £6,000 plus VAT, but this can increase if there are complex asset realisations or legal disputes. Members Voluntary Liquidations (MVL) often have fixed fees starting around £2,500. It is essential to obtain a written quote from a licensed insolvency practitioner before proceeding, as they must provide a breakdown of costs and any disbursements.
Can a company director in Banbury be held personally liable for company debts during liquidation?
Generally, directors are not personally liable for company debts if they have acted within the law and not engaged in wrongful trading, fraudulent trading, or misfeasance. However, if a liquidator finds evidence that a director continued trading while knowing the company was insolvent, or took excessive director's loans, they can pursue a claim for personal contribution to the company's assets. Directors can also be disqualified from acting as a director for up to 15 years. Seeking early professional advice is crucial to avoid personal liability.
What happens to employees of a Banbury company that goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date the winding-up order is made or the resolution is passed. They become preferential creditors for unpaid wages, holiday pay, and pension contributions up to statutory limits. The liquidator will provide employees with claims forms to submit to the Redundancy Payments Service (RPS), which can pay statutory redundancy, notice pay, and unpaid holiday pay from the National Insurance Fund. The liquidator will also assist employees in understanding their rights and claiming any amounts owed.
How long does the liquidation process take in Banbury?
The duration of a liquidation depends on the type and complexity. A Creditors Voluntary Liquidation (CVL) typically takes between 6 to 12 months to conclude, but it can be longer if assets need to be sold or if there are legal challenges. A Members Voluntary Liquidation (MVL) is often completed in 6 to 9 months, as the company is solvent and the process is more straightforward. The liquidator must finalise all asset realisations, settle claims, and submit final accounts to Companies House before the company is dissolved.
Can I keep my company name after liquidation in Banbury?
If your company goes into liquidation, you cannot reuse the same or a similar company name without permission from the court or the liquidator, unless specific exemptions apply. This restriction is in place to prevent 'phoenix trading', where directors avoid paying debts by forming a new company with the same name. However, if you purchase the business assets from the liquidator and obtain the necessary consent, you may be able to continue trading under a different name, but you must comply with the Insolvency Act 1986 rules regarding the notice to creditors.
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