ACCOTAX - Accountants & Tax Consultants
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C & B Accounting Solutions Ltd
All aspects of bookkeeping, payroll & accounting undertaken
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BROOKSON LIMITED
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Holden Associates
Holden Associates are a family run business founded in 2002, we are located at V12, Merlin Park, a modern purpose-built office in Burscough, Lancashir...See More
MJF ACCOUNTANCY LIMITED
PAYLESS ACCOUNTING & OUTSOURCING LIMITED
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Athena Bookkeeping Services
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Harris Rosenberg Chartered Accountants
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ACCOUNTS 2U LIMITED
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Oakes Accounting
Oakes Accounting specializes in providing tailor made accounting services, including bookkeeping, VAT and self assessment to small businesses.
GORILLA ACCOUNTING LIMITED
orilla Accounting was born after a group of specialist accountants with decades of experience amongst them, decided that accounting shouldn’t be a lab...See More
Cheaper Accountant
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LLOYDS ACCOUNTANTS LTD
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Sambhav Management Limited
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NIXON WILLIAMS LIMITED
Nixon Williams has been providing specialist accountancy services to contractors, freelancers, consultants and interim professionals throughout the UK...See More
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Norbury Bookkeeping Services
We offer a complete bookkeeping and computerized payroll service throughout Cheshire and South Manchester and are able to offer support for all financ...See More
Clarity Accountants
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Pepperhill Associates
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Frequently asked questions
What is the difference between a CVL and an MVL in Billinge?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It involves appointing a licensed insolvency practitioner to wind up the business, sell assets, and distribute funds to creditors. A Members' Voluntary Liquidation (MVL) is for solvent companies where directors and shareholders decide to close the business, often for tax efficiency. In an MVL, the company can pay all debts in full, and the remaining assets are distributed to shareholders.
How much do company liquidators in Billinge charge?
Fees vary based on the complexity of the liquidation, the size of the company, and the amount of work required. For a CVL, costs typically range from £3,000 to £6,000 plus VAT, but many firms offer fixed-fee packages. MVLs are often more straightforward and may cost between £2,500 and £5,000. Always request a detailed quote upfront and confirm whether disbursements (e.g., legal fees, advertising costs) are included.
Can a director be personally liable for company debts during liquidation?
Generally, directors are not personally liable for company debts if they have acted within the law. However, personal liability can arise if there has been wrongful trading, fraudulent trading, or if directors have given personal guarantees. Liquidators investigate director conduct and may pursue claims for recovery of assets if misfeasance is found. Seeking professional advice early can help mitigate these risks.
How long does the liquidation process take in Billinge?
A CVL typically takes between 6 and 12 months to complete, depending on the complexity of asset realization and creditor claims. An MVL can be faster, often concluding in 3 to 6 months. The timeline also depends on how quickly information is provided and whether any legal challenges arise. Your liquidator will provide a realistic estimate after the initial assessment.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed from the date the liquidation order is made. The liquidator then handles employee claims, including unpaid wages, holiday pay, and redundancy entitlements. Employees may be able to claim certain statutory payments from the National Insurance Fund, but the liquidator will guide them through the process.
Can I continue trading after my company is in liquidation?
No, once a liquidation order is made, the company ceases trading immediately, except for actions necessary to preserve asset value or complete statutory duties. The liquidator takes control of the business and its assets. Directors lose their powers unless specifically authorized by the liquidator. If you wish to continue operations, you would need to start a new company, subject to certain restrictions.
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