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HUBBLE ACCOUNTANCY 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.
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Frequently asked questions
What does a company liquidator in Barnstaple do?
A company liquidator in Barnstaple is a licensed insolvency practitioner who manages the formal closure of an insolvent company. Their duties include assessing the company's financial position, realising assets, agreeing creditor claims, investigating director conduct, and distributing any available funds to creditors in the correct legal order. They also handle all statutory filings with Companies House and HM Revenue & Customs, and ensure that the company is formally dissolved at the end of the process.
How much does company liquidation cost in Barnstaple?
The cost of company liquidation in Barnstaple varies depending on the complexity of the case, the number of creditors, and the value of assets. Most licensed insolvency practitioners offer a fixed fee for a standard Creditors' Voluntary Liquidation (CVL), which typically ranges from £4,000 to £8,000 plus VAT. This fee is paid from company assets, not from your personal pocket. However, if there are no assets, directors may need to fund the liquidation personally. Always request a clear, written quote before proceeding.
What is the difference between a CVL and a compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is initiated by the company's directors and shareholders when they decide the company cannot pay its debts. It is a voluntary process where shareholders pass a resolution to wind up the company, and creditors then approve the appointment of a liquidator. In contrast, compulsory liquidation is a court-ordered process, usually started by a creditor (such as HMRC) who issues a winding-up petition. A CVL gives directors more control and is generally less stressful and costly.
Can I be made personally liable for company debts after liquidation?
In most cases, no. Limited liability protects directors from personal responsibility for company debts, provided they have not acted wrongfully. However, personal liability can arise if you have given personal guarantees to lenders or suppliers, or if you are found guilty of wrongful trading, fraudulent trading, or misfeasance. A licensed liquidator will investigate your conduct. If you have acted in good faith and followed your statutory duties, you will not be personally liable for company debts.
How long does the liquidation process take in Barnstaple?
The initial CVL process, from the first meeting to the appointment of the liquidator, typically takes 2 to 4 weeks. However, the full liquidation case, including asset realisation, creditor claims, and final dissolution, usually takes 6 to 12 months. The exact timeline depends on the complexity of the company's affairs, the number of creditors, and how quickly assets can be sold. Your liquidator will provide a realistic estimate at the outset.
What happens to employees if my company goes into liquidation?
If your company enters liquidation, all employees are automatically made redundant from the date the liquidation order is made. The liquidator will assist employees in claiming statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). Employees who are owed money are treated as preferential creditors for certain claims, but only up to statutory limits. The liquidator will provide each employee with the necessary claim forms.
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