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 Bedfordshire?
A company liquidator in Bedfordshire is a licensed insolvency practitioner who manages the closure of an insolvent company. Their duties include realising assets, agreeing creditor claims, investigating director conduct, distributing funds in statutory order and applying for the company's dissolution. They also ensure compliance with the Insolvency Act 1986 and protect the interests of all stakeholders.
How much does company liquidation cost in Bedfordshire?
The cost of liquidation in Bedfordshire varies depending on company complexity, asset value and creditor numbers. Typically, a Creditors' Voluntary Liquidation (CVL) costs between £4,000 and £8,000 plus VAT, which is paid from company assets. If assets are insufficient, directors may need to fund the process personally, but we offer fixed fees and clear breakdowns before any work begins.
What is the difference between a CVL and a compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is initiated by directors through a shareholder resolution and creditor approval, offering more control and a structured wind-down. Compulsory liquidation is a court-ordered process typically started by a creditor petition, which removes control from directors and may lead to personal liability claims. Our Bedfordshire liquidators always recommend CVL where possible.
Can directors be held personally liable for company debts in Bedfordshire?
Directors are generally protected from personal liability for company debts in a proper liquidation, provided they have not acted wrongfully. However, liability can arise for fraudulent or wrongful trading, breach of director duties, or personal guarantees. Our liquidators investigate conduct and will advise on potential risks, helping you avoid personal financial exposure.
What happens to employees when a company is liquidated in Bedfordshire?
When a company enters liquidation, employees are automatically dismissed. The liquidator will assist with redundancy claims, unpaid wages, holiday pay and notice pay, which are preferential debts. Employees can claim these from the National Insurance Fund (via the Redundancy Payments Service) if company assets are insufficient. Our team guides employees through the process.
How long does a company liquidation take in Bedfordshire?
A Creditors' Voluntary Liquidation typically takes between 6 and 12 months to complete, depending on asset realisation and creditor claims. Simple cases with minimal assets may conclude in 4-6 months, while complex cases with legal disputes or property sales can take longer. Your liquidator will provide a realistic timeline after the initial review.
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