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
GO 2 Girl Limited
I offer a fully flexible remote work or local on site and assist you with anything relating to finance within the business and any necessary admin tas...See More
Argents Chartered Accountants
An established firm of chartered accountants based in Norwich, we provide a range of accountancy and business support services to clients throughout t...See More
J C Accounting Ltd
J C Accounting Ltd offer the type of bespoke service that larger Accountants can’t. We specialise in Sole Traders, Partnerships and Small Limited Com...See More
Virtue Accountants Ltd
Bird & Co
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LeeP Accountants Registered in England & Wales
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AWS ACCOUNTANTS (LONDON) LLP
Ashden Accountants
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Accounting4Actors
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Figures (UK) Accountancy Services
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SARA COOPERS ACCOUNTANTS LTD
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MQPLUS LTD
MQplus LTD provides accurate, flexible and cost-effective managment accounting services for sole traders,partnerships and Limited Companies
Ahmed-Cliffords Ltd
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Rochvilles & Co Accountants Ltd
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MONEYTREE FINANCIAL LTD
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TaxAssist Accountants
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Southall Accountants
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KHAWAR & CO LTD
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Frequently asked questions
What does a company liquidator in Brampton do?
A company liquidator in Brampton is a licensed professional who manages the process of winding down a business. Their duties include valuing and selling company assets, notifying and paying creditors, settling outstanding debts, preparing and filing required legal documents, and ensuring that the dissolution complies with the Ontario Business Corporations Act. They also handle employee final pay and benefits, and they work to maximize returns for shareholders while minimizing legal risks for directors.
How much does it cost to hire a liquidator for a business in Brampton?
The cost of hiring a liquidator in Brampton varies depending on the complexity of the business, the number of assets, the number of creditors, and the time required to complete the liquidation. Most liquidators charge an hourly rate or a fixed fee based on the scope of work. Some may also charge a percentage of the assets realized. It is recommended to request a detailed quote and compare services. Many firms, including ours, offer a free initial consultation to assess your situation and provide an estimate.
What is the difference between voluntary and compulsory liquidation?
Voluntary liquidation occurs when the company's directors or shareholders decide to close the business, often due to insolvency or because the business has achieved its purpose. This is initiated by a resolution and requires the appointment of a liquidator. Compulsory liquidation is ordered by a court, usually after a creditor files a petition due to unpaid debts. In compulsory liquidation, the court appoints a liquidator, and the process is more formal and regulated. In both cases, a licensed insolvency professional must be involved.
Can a company liquidator help with director liability issues?
Yes, a qualified liquidator can help directors understand and mitigate personal liability risks. In Ontario, directors can be held personally liable for unpaid wages, source deductions, and certain taxes if the company is insolvent. A liquidator will guide you on how to properly handle these obligations, such as ensuring that employee wages and remittances are paid first, and they can help you file the necessary documents to avoid penalties. However, they cannot provide legal advice, so you may also need to consult with a lawyer.
How long does the liquidation process take in Brampton?
The duration of a liquidation process in Brampton depends on the size of the company, the number of assets to be sold, and the complexity of creditor claims. A simple voluntary liquidation can take as little as three to six months, while a more complex compulsory liquidation may take over a year. The liquidator must also allow time for creditors to file claims, which is typically 30 to 60 days after notice is given. Your liquidator will provide a timeline based on your specific circumstances.
What happens to the employees during a company liquidation?
During a company liquidation, employees are typically terminated, and the liquidator is responsible for ensuring they receive their final wages, vacation pay, and any severance owed under the Employment Standards Act. The liquidator will also provide records of employment (ROEs) so employees can apply for EI benefits. In a bankruptcy or insolvency, employees may be eligible for the Wage Earner Protection Program (WEPP) to recover unpaid wages. The liquidator will guide employees on their rights and the claims process.
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