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 Cabot Square?
A company liquidator in Cabot Square is a licensed insolvency practitioner who manages the winding-up of a company's affairs. Their role involves realising assets, settling creditor claims, investigating the company's financial history, and ensuring that all legal requirements are met. They also handle communication with stakeholders, including employees, creditors, and shareholders, and work to maximise returns to creditors while ensuring compliance with the Insolvency Act 1986.
How do I choose between creditors voluntary liquidation and compulsory liquidation?
Creditors voluntary liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent but no one has filed a winding-up petition. It allows for a controlled process where a liquidator is appointed by the shareholders and creditors. Compulsory liquidation occurs when a creditor petitions the court to wind up the company, often due to unpaid debts. A licensed insolvency practitioner can assess your specific circumstances and recommend the most appropriate route, but CVL generally offers more control and flexibility.
Can directors be held personally liable for company debts during liquidation?
Directors can be held personally liable if they have acted wrongfully, such as trading while insolvent without reasonable prospect of recovery, or if they have breached their fiduciary duties. This is known as wrongful trading. However, if directors seek professional advice early and act in the best interests of creditors, they can often avoid personal liability. A liquidator will investigate director conduct, but taking prompt action and cooperating fully can protect your position.
What happens to employees when a company goes into liquidation in Cabot Square?
When a company enters liquidation, employees are typically made redundant. The liquidator takes over responsibility for employee matters, including calculating statutory redundancy pay, notice pay, and unpaid wages. Employees may be able to claim certain payments from the National Insurance Fund (via the Redundancy Payments Service) if the company cannot afford to pay. The liquidator will provide guidance on the process and ensure that employees' statutory rights are respected.
How long does the liquidation process take for a company in Cabot Square?
The duration of a liquidation varies depending on the complexity of the company's affairs. A straightforward creditors voluntary liquidation may be concluded within six to twelve months, while more complex cases involving asset realisation, legal disputes, or investigations can take several years. The liquidator must file final accounts and report to creditors, and the company is formally dissolved at the end of the process. Your liquidator will provide a realistic timeline based on your specific situation.
Can I continue trading after appointing a liquidator?
No, once a liquidator is appointed, their control over the company begins immediately. The directors' powers cease, and the liquidator takes over the management of the company's affairs. The liquidator may continue trading for a short period if it is beneficial for the realisation of assets, but this is done under their supervision. Directors cannot make decisions or enter into contracts on behalf of the company without the liquidator's approval.
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