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
MARK SASTA & ASSOCIATES
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BLUEBIRD ACCOUNTANCY LIMITED
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MAKESWORTH LIMITED
Makesworth
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KUBED SOLUTIONS LIMITED
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Numerii Ltd
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SJD ACCOUNTANCY LIMITED
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ION Chartered Accountant
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Clear House Accountants
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GOFORMA LIMITED
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Not Just Bookkeeping Ltd
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MADE SIMPLE GROUP LIMITED
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TIDE PLATFORM LTD
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Persona Finance
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1ST FORMATIONS LIMITED
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Frequently asked questions
What is the role of a company liquidator in Borehamwood?
A company liquidator in Borehamwood is a licensed insolvency practitioner who takes control of a company's affairs when it is being wound up. Their role is to realise the company's assets, investigate its financial history, settle creditor claims in the correct statutory order, and ultimately dissolve the company. They also have duties to report on director conduct and ensure compliance with insolvency law.
How much does company liquidation cost in Borehamwood?
The cost of company liquidation varies depending on the complexity of the case, the size of the company, and the type of liquidation (CVL or MVL). For a Creditors Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, but can be higher for larger or more complex cases. In a CVL, the liquidator's fees are paid from the company's assets, subject to approval by creditors. We always provide a clear, fixed-fee quote before any work begins.
What is the difference between CVL and MVL?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. An MVL (Members Voluntary Liquidation) is used when a company is solvent and directors wish to close it formally, often for tax efficiency. In an MVL, shareholders appoint the liquidator, and creditors are paid in full. In a CVL, creditors oversee the process and may not receive full repayment.
Can I liquidate a company in Borehamwood if it has no assets?
Yes, you can liquidate a company with no assets, but the process differs. If the company has no assets to cover liquidation costs, you may need to consider a 'creditors' voluntary liquidation with a director's loan or third-party funding for fees. Alternatively, if the company is insolvent and has no assets, it may be struck off the register using a DS01 form, but this does not provide the same legal protections as a formal liquidation, especially regarding director duties and creditor claims.
What happens to company debts after liquidation?
Once a company enters liquidation, the liquidator takes control of all assets and deals with creditors. Unsecured debts that cannot be paid from the company's assets are written off at the end of the liquidation, and the company is dissolved. However, directors' personal guarantees or debts secured against personal assets may still be pursued by creditors, so it is essential to seek advice on your personal liability.
How long does the liquidation process take in Borehamwood?
A Creditors Voluntary Liquidation typically takes between 6 and 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can be quicker, often completed within 3 to 6 months. The process involves a meeting of shareholders and creditors, appointment of the liquidator, asset disposal, and final account submission to Companies House. Delays can occur if there are investigations or legal disputes.
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