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 Cheadle?
A company liquidator in Cheadle is a licensed insolvency practitioner who takes control of a company that is being wound up. Their primary role is to realise the company's assets, settle debts with creditors in the correct legal order, and distribute any remaining funds to shareholders. They also investigate the conduct of directors, report to creditors, and ensure the company is formally dissolved. In Cheadle, we act as the appointed liquidator for both insolvent and solvent companies, ensuring compliance with the Insolvency Act 1986.
How much does company liquidation cost in Cheadle?
The cost of company liquidation in Cheadle varies depending on the complexity of the case, the size of the company, and the number of creditors. For a Creditors Voluntary Liquidation (CVL), typical fees range from £3,000 to £7,000 plus VAT, often paid from the company's assets. For a solvent Members Voluntary Liquidation (MVL), fees are usually fixed and can start from £1,500. We provide a detailed fee quote upfront with no hidden costs, and we can discuss payment options if the company has insufficient assets.
What is the difference between CVL and MVL in Cheadle?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. The directors voluntarily choose to wind up the company to avoid compulsory liquidation. An MVL (Members Voluntary Liquidation) is used when a company is solvent and shareholders decide to close it, often for tax planning or retirement. In a CVL, creditors control the process and a liquidator is appointed to protect their interests. In an MVL, shareholders appoint the liquidator, and the process is quicker and less formal.
Can a liquidator in Cheadle help with HMRC debts?
Yes, if your company owes significant sums to HMRC (such as VAT, PAYE, or Corporation Tax) and cannot pay, a liquidator in Cheadle can help you place the company into Creditors Voluntary Liquidation. HMRC is often the largest creditor and will be treated as an unsecured creditor in most cases. The liquidator will negotiate with HMRC on your behalf, and once the liquidation is complete, any remaining HMRC debt is written off, provided there is no fraud or wrongful trading.
What happens to employees when a company goes into liquidation in Cheadle?
When a company goes into liquidation, employees are automatically made redundant from the date of the liquidation order. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay. These claims are preferential and are paid from the National Insurance Fund (via the Redundancy Payments Service) if the company cannot pay. The liquidator will provide each employee with form RP1 and guide them through the claims process.
How long does the liquidation process take in Cheadle?
The length of the liquidation process in Cheadle depends on the type of liquidation. A solvent MVL can be completed in as little as 6 to 8 weeks, as long as the company's affairs are straightforward. An insolvent CVL typically takes between 6 and 12 months to conclude, but the liquidator's investigation and asset realisation can extend this period. The final dissolution of the company occurs after the liquidator files final accounts with Companies House, which usually happens within 6 to 12 months of the liquidation start.
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