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 Bilton Rugby?
A company liquidator in Bilton Rugby is a licensed insolvency practitioner who takes control of a company that is being wound up. Their role is to sell the company's assets, settle outstanding debts with creditors in the correct legal order, investigate the reasons for insolvency, and ultimately dissolve the company from the Companies House register. They also ensure that directors' conduct is reviewed and handle any legal claims, such as wrongful trading or preference payments.
How much does it cost to liquidate a company in Bilton Rugby?
The cost of liquidating a company in Bilton Rugby varies based on the complexity of the case, the number of creditors, and the value of assets. For a straightforward creditors voluntary liquidation (CVL), fees typically range from £4,000 to £8,000 plus VAT, often paid from company assets. Our firm provides a fixed-fee quote after a free initial assessment, ensuring no hidden costs. We also offer a no-win, no-fee option for directors in some circumstances.
Can I keep my business assets if my company goes into liquidation?
Once a company enters liquidation, all assets legally belong to the company and are controlled by the liquidator for the benefit of creditors. You cannot retain company assets unless you purchase them at a fair market value from the liquidator. However, assets that are personally owned, such as your car or home, are not affected unless they were used as personal guarantees for business loans. We advise seeking legal advice on personal guarantees before proceeding.
What is the difference between voluntary and compulsory liquidation?
Voluntary liquidation is initiated by the company's directors or shareholders when they decide the company is insolvent. This is called a creditors voluntary liquidation (CVL) and is the most common route. Compulsory liquidation is a court-ordered winding up, usually initiated by a creditor who has obtained a court judgment. In Bilton Rugby, we can assist with both, but a CVL gives directors more control over the process and often results in better outcomes for creditors.
How long does the liquidation process take in Bilton Rugby?
The liquidation process typically takes between 6 to 12 months from the date of the liquidator's appointment, depending on the complexity of the case. This includes the time to sell assets, agree on creditor claims, and complete final account filings. However, if there are complex investigations, legal disputes, or difficult asset sales, the process can extend longer. We provide regular updates and aim to conclude cases as efficiently as possible.
What are my responsibilities as a director during liquidation?
As a director, you have a duty to cooperate fully with the liquidator. This includes providing all company records, financial statements, and access to staff. You must also attend a meeting with the liquidator to discuss the company's affairs. You are not personally liable for company debts unless you have signed personal guarantees or acted fraudulently. Our team will guide you through every step to ensure you meet all legal requirements and minimise personal risk.
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