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
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
Frequently asked questions
What is the role of a company liquidator in Beaufort Court?
A company liquidator in Beaufort Court is a licensed insolvency practitioner who manages the winding up of a company's affairs. Their role includes realising company assets, settling creditor claims, investigating the company's financial history, and ensuring legal compliance. They act in the best interests of creditors and shareholders, ensuring a fair and orderly distribution of any remaining funds. They also handle all necessary documentation and filings with Companies House and HMRC.
How do I choose between a CVL and an MVL for my company?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An MVL is used when a company is solvent but directors wish to close it, often for retirement or restructuring. Our liquidators assess your financial position and objectives. If the company can pay its liabilities in full within 12 months, an MVL is appropriate. If not, a CVL is the correct route. We provide a free initial consultation to help you decide.
What are the costs involved in liquidating a company in Beaufort Court?
The costs of liquidation vary depending on the complexity of the case, the size of the company, and the type of liquidation. For a CVL, fees are typically based on the realisation of assets and are subject to creditor approval. For an MVL, fees are often fixed or based on time. We provide a clear, transparent fee structure upfront, with no hidden charges. During your free consultation, we will provide a detailed quote tailored to your specific circumstances.
How long does the liquidation process take?
The duration depends on the complexity of the company's affairs. A straightforward MVL can be completed in as little as 6 to 9 months, after the statutory period for creditor claims. A CVL may take longer, typically 12 to 18 months, especially if there are complex asset sales, legal disputes, or investigations. Our team works efficiently to expedite the process while ensuring full compliance with all legal requirements.
Can I continue to trade during liquidation?
Once a liquidation order is made, directors' powers cease, and the liquidator takes control. However, in certain circumstances, the liquidator may allow trading to continue temporarily to complete contracts or sell stock as a going concern. This is done to maximise asset value. Our liquidators will advise you on the best course of action immediately after appointment, and we can assist in making a smooth transition.
What happens to employees during a company liquidation?
Employees are automatically made redundant when a company enters liquidation, unless the liquidator retains them temporarily to assist with asset realisation. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund via the Redundancy Payments Service. Our liquidators provide employees with the necessary claim forms and guidance to ensure they receive their statutory entitlements promptly.
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