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
DOLAN ACCOUNTANCY LIMITED
If our name sounds familiar, don’t be surprised. Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. A...See More
SJD ACCOUNTANCY LIMITED
SJD Accountancy is the UK’s largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers; we’ve been ...See More
TAA CONSULTANTS LTD
TAA Consultants- Super Accountants 69201 - Accounting and auditing activities 69202 - Bookkeeping activities
Numerii Ltd
Informed financial support for your business. We are a small, friendly and highly motivated team who offer a professional and efficient service to our...See More
John Lavender accounting ltd
John Lavender Accounting Firm is a beacon of precision and expertise in the financial landscape. With a legacy steeped in integrity and excellence, we...See More
MINT FORMATIONS LTD
We have over 100 years of combined industry experience, having worked with hundreds of startups and small businesses in every industry imaginable. We ...See More
KUBED SOLUTIONS LIMITED
Gouri Kubair, the founding director of the business has over a decade of experience in the field of accountancy. Including 8 years in Deloitte, ...See More
Yourtaxhelp
Our motto is “Accountants and Tax Advisers with simple technology”. We will not stop being innovative or using cutting edge technology to help you out...See More
The Bean Counters Accountants LLP
Established in 2011, The Bean Counters Accountants is a growing accounting firm in Maidenhead which specializes in cloud accounting and bookkeeping, p...See More
MAKESWORTH LIMITED
Makesworth
Accountants is an award-winning accountancy practice of Chartered
Certified Accountants tax and business advisors. We a...
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MARK SASTA & ASSOCIATES
Mark Sasta & Associates Ltd is a member firm of the Institute of Chartered&nbs...
BLUEBIRD ACCOUNTANCY LIMITED
Bluebird Accountancy was created with the needs of modern day contractors and freelancers like you in mind. With modern day accountancy software makin...See More
DIrect Assist accountants Ltd
Direct Assist accountants Ltd is one of the fastest growing chartered accountants firm serving businesses and individuals from different industries fr...See More
Taxeasy Ltd
TaxEasy Ltd is an experienced and proactive firm of certified accountants and bookkeepers offering high quality accounting services to clients through...See More
BARNES MAYER LIMITED
Barnes Mayer Ltd is an independent, family run business providing accounting and taxation services throughout Maidenhead, Berkshire and Buckinghamshir...See More
EXPEDIENT ACCOUNTANCY
Expedient Accountancy Limited provides a wide range of expert accounting services. We are a partnership of 3 Chartered Certified Accountants with more...See More
Hayes Accountants
Hayes Accountancy is your local accountancy service provider & part of the group BNW Accountants & Tax Consultants. We offer high-quality accounting a...See More
Frequently asked questions
What is the difference between Creditors' Voluntary Liquidation (CVL) and Compulsory Liquidation?
A Creditors' Voluntary Liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent but has not been forced into liquidation by a court. Compulsory Liquidation, on the other hand, is a court-ordered process, usually initiated by a creditor who has obtained a winding-up petition against the company. In a CVL, directors maintain some control over the choice of liquidator, whereas in compulsory liquidation, the court appoints the Official Receiver or an insolvency practitioner.
How much does a company liquidation cost in Berkhamsted?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a Creditors' Voluntary Liquidation (CVL), fees are often fixed or based on a percentage of asset realisations. For compulsory liquidation, costs are typically covered by the company's assets or by the petitioning creditor. We provide a transparent, fixed-fee quote after an initial free consultation, ensuring no hidden costs.
Can a director of an insolvent company avoid personal liability?
Yes, if directors act in accordance with their statutory duties and do not engage in wrongful trading or fraudulent trading. This means they must not continue to trade when they know the company cannot avoid insolvent liquidation. Seeking professional advice early and documenting decisions can help protect directors from personal liability for company debts. Our team advises on these issues to safeguard your position.
What happens to employees when a company goes into liquidation?
In a Creditors' Voluntary Liquidation, employees are automatically made redundant from the date the liquidation begins. They may be entitled to claim certain payments, such as redundancy pay, notice pay, and unpaid wages, from the National Insurance Fund (via the Insolvency Service). The liquidator will provide the necessary forms and guidance to help employees make these claims.
How long does the liquidation process take?
The length of the liquidation process depends on the complexity of the company's affairs. A simple Creditors' Voluntary Liquidation can be completed in a few months, but cases with complex asset realisations or legal disputes may take longer. The liquidator's role is to wind up the company's affairs efficiently, but they must also ensure all legal requirements are met, which can extend the timeline.
Can I continue to trade if my company is insolvent?
If your company is insolvent, continuing to trade can lead to personal liability for wrongful trading if you do not take every step to minimise losses to creditors. It is crucial to seek professional advice immediately. Our experts can assess your financial position and advise on the best course of action, which may include a rescue plan or immediate liquidation to prevent further losses.
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