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
Accounting etc. limited
We are a small firm of Chartered Management Accountants dedicated to providing you with a high quality accountancy service and sound business advice a...See More
Turner Barratt
At Turner Barratt we believe that we have something unique to offer. Just Corporate Finance Turner Barratt are Chartered Accountants who are dedicate...See More
Frequently asked questions
What is the role of a company liquidator in Berkshire?
A company liquidator in Berkshire is a licensed insolvency practitioner who manages the closure of an insolvent company. Their duties include realising assets, investigating the company's affairs, agreeing creditor claims, and distributing any available funds in the statutory order. They also ensure that all legal paperwork is filed with Companies House and that the company is formally dissolved at the end of the process.
How much does a Creditors' Voluntary Liquidation (CVL) cost in Berkshire?
The cost of a CVL in Berkshire varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Typically, fees range from £4,000 to £8,000 plus VAT, but many firms offer a fixed fee structure. We always provide a detailed written quote before you commit, and we explain how the fees are paid from the company's assets or through director contributions if necessary.
Can a director be personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted within the law. However, personal liability can arise if you have given personal guarantees, traded while insolvent, or been found guilty of wrongful trading or fraudulent activity. A liquidator will investigate your conduct, and if no wrongful actions are found, you will not be held personally responsible for the company's debts.
What is the difference between a CVL and compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is initiated by the directors and shareholders of a company when they realise it is insolvent. Compulsory liquidation is a court-ordered process, usually started by a creditor who obtains a winding-up petition. A CVL gives directors more control over the choice of liquidator and is generally less adversarial, while compulsory liquidation is often the result of unpaid debts and legal action.
How long does the liquidation process take in Berkshire?
The initial liquidation meeting and appointment of the liquidator can happen within 2 to 4 weeks of the decision to liquidate. The entire process, including asset realisation, creditor claims, and final dissolution, typically takes between 6 and 12 months. However, complex cases with many assets or legal disputes may take longer. Your liquidator will provide a realistic timeline based on your specific situation.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are made redundant immediately. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay. These claims are preferential and are paid from the National Insurance Fund if the company has insufficient assets. The liquidator will provide each employee with the necessary forms to claim their entitlements.
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