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 difference between a liquidator and an administrator?
A liquidator is appointed to wind up a company’s affairs, sell its assets, and distribute the proceeds to creditors, after which the company is dissolved. An administrator is appointed to try to rescue the company as a going concern, or to achieve a better result for creditors than immediate liquidation. In Bude, if your company is insolvent, a liquidator will typically be appointed for CVL or compulsory liquidation, whereas administration is a temporary measure that may allow the business to continue trading.
How much does it cost to appoint a company liquidator in Bude?
The cost of liquidation in Bude varies depending on the complexity of the case, the size of the company, and the number of assets and creditors. For a Creditors Voluntary Liquidation, fees are often based on a percentage of asset realisations or on a fixed fee basis, typically ranging from £4,000 to £8,000 plus VAT. We always provide a clear, written quote before any work begins, so you know exactly what to expect with no hidden charges.
Can a company trade while in liquidation in Bude?
Once a company enters liquidation, the liquidator takes control of the company’s affairs, and the directors’ powers cease. The company cannot continue normal trading, except in very limited circumstances where the liquidator may continue trading for a short period to sell stock or complete work in progress. If you need to keep trading, you should consider administration or a company voluntary arrangement (CVA) instead of liquidation.
What are the legal duties of directors when a company is insolvent in Bude?
Directors have a legal duty to act in the best interests of creditors when the company is insolvent or on the verge of insolvency. This includes avoiding wrongful trading, which means continuing to incur credit when there is no reasonable prospect of repayment. Directors must also provide full information to the liquidator, cooperate with the investigation, and deliver all company books and records. Failure to comply can result in personal liability, disqualification, or even criminal prosecution.
How long does a company liquidation take in Bude?
The duration of a liquidation depends on the complexity of the case. A straightforward Creditors Voluntary Liquidation can be completed in as little as 6 to 9 months, including the final meeting of creditors and the dissolution of the company. However, if there are complex asset realisations, legal disputes, or investigations, the process can take longer. Your liquidator will provide a timeline based on your specific circumstances.
What happens to employees when a company is liquidated in Bude?
When a company enters liquidation, all employees are automatically dismissed. They may be entitled to claim redundancy pay, unpaid wages, holiday pay, and other statutory entitlements from the National Insurance Fund (via the Redundancy Payments Service). The liquidator will provide each employee with the necessary forms (RP1, RP2, and RP3) to make these claims. If you have employees, we will guide you through the process to ensure they receive what they are owed.
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