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 are the first signs that my company in Bideford needs liquidation?
Key warning signs include an inability to pay debts as they fall due, receiving statutory demands or winding-up petitions, creditor pressure or legal action, persistent cash flow problems, and a decline in turnover or profitability. If you are using one creditor's money to pay another, or if HMRC has issued a notice of enforcement, you should seek professional advice immediately. Early intervention can provide more options, such as restructuring or a formal insolvency procedure, which may protect your personal guarantees and director status.
How much does a company liquidation cost in Bideford, Devon?
The cost of a Creditors Voluntary Liquidation (CVL) typically ranges from £3,000 to £6,000 plus VAT, depending on the complexity of the case, the number of creditors, and the asset base. For a solvent Members Voluntary Liquidation (MVL), fees are often between £1,500 and £3,000. Our fees are fixed and agreed upfront, with no hidden charges. We can also advise on funding options, such as using company assets or director loans to cover the costs. A free consultation will provide a precise quote based on your company's circumstances.
What is the difference between a CVL and an MVL?
A Creditors Voluntary Liquidation (CVL) is used for an insolvent company that cannot pay its debts. It is initiated by directors and involves a meeting of creditors, after which a licensed insolvency practitioner is appointed to realise assets and distribute funds. A Members Voluntary Liquidation (MVL) is for a solvent company, often used by directors who wish to extract retained profits as capital rather than income, benefiting from lower tax rates. In an MVL, directors must swear a statutory declaration of solvency, and the process is quicker and less formal.
Can I continue trading after my company enters liquidation in Bideford?
No, once a company enters liquidation, the appointed liquidator takes control of the business and its assets. The company ceases trading immediately, except in rare cases where the liquidator may continue trading for a short period to sell stock or complete contracts for the benefit of creditors. As a director, you lose authority to make decisions about the company's affairs. However, you may be able to start a new business, subject to certain restrictions, such as not using a similar name to the liquidated company without court permission or creditor consent.
What happens to employees when a company in Bideford is liquidated?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order. The liquidator will provide each employee with a claim form (RP1) to apply for statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. The Redundancy Payments Service (RPS) handles these claims, and payments are usually made within a few weeks. Employees may also claim for other arrears, such as pension contributions. The liquidator will advise on the process and ensure all eligible claims are submitted.
Will I be personally liable for company debts if I liquidate my Bideford company?
In most cases, directors of a limited company are not personally liable for company debts, provided they have not acted wrongfully, fraudulently, or given personal guarantees. If you have given a personal guarantee for a business loan or lease, the creditor can pursue you personally for that debt. Additionally, if you traded while insolvent and did not take reasonable steps to minimise losses to creditors, you could face a claim for wrongful trading. Our advisors will review your conduct and help you mitigate any risks before proceeding with liquidation.
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