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 Creditors' Voluntary Liquidation and compulsory liquidation in Cattedown Plymouth?
A Creditors' Voluntary Liquidation (CVL) is initiated by the company's directors when the business is insolvent, requiring a shareholder resolution and creditor approval. Compulsory liquidation is a court-ordered process, typically started by a creditor through a winding-up petition. In Cattedown, our licensed liquidators can guide you through a CVL to avoid court action, giving you more control over the process and potentially better outcomes for creditors.
How much does it cost to appoint a company liquidator in Cattedown Plymouth?
Costs vary based on company size, asset complexity, and creditor numbers. For a standard CVL, fees typically range from £3,000 to £6,000 plus VAT, but we offer fixed-fee packages with no hidden charges. Our initial consultation is free, and we provide a written quote before any work begins. We also explain how liquidation fees are paid from company assets, not directors' personal funds, where possible.
Can a director be held personally liable for company debts during liquidation in Cattedown?
Generally, directors are not personally liable for company debts if they have acted within the law. However, liability can arise for wrongful trading, fraudulent trading, or if you have given personal guarantees. Our liquidators in Cattedown Plymouth will review your conduct and advise on any risks early. If issues exist, we help you negotiate with creditors or consider alternatives like a Company Voluntary Arrangement (CVA) to protect your position.
What happens to employees when a company enters liquidation in Cattedown Plymouth?
When a company enters liquidation, employees are automatically made redundant. The liquidator takes over responsibility for their claims, including unpaid wages, holiday pay, and redundancy pay. These claims are usually paid from the National Insurance Fund (via the Redundancy Payments Service) if company assets are insufficient. Our team ensures all employee documentation is completed correctly and helps staff understand their rights and next steps.
How long does a company liquidation take in Cattedown Plymouth?
A Creditors' Voluntary Liquidation typically completes within 6 to 12 months, depending on asset realisation and creditor claims. Compulsory liquidation can take longer due to court processes. In Cattedown, we aim to streamline the process, often concluding straightforward CVLs within 8 months. We provide regular updates and ensure all statutory filings are done on time to avoid delays.
Can I keep trading if my company is insolvent in Cattedown?
If your company is insolvent, continuing to trade can lead to personal liability for wrongful trading. However, you may trade while exploring rescue options like a CVA or administration, provided you act in the best interests of creditors. Our liquidators in Cattedown Plymouth offer immediate advice on your legal duties and can help you decide whether to cease trading or pursue a formal insolvency procedure. Acting quickly is crucial.
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