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
ACCOUNTS 2U LIMITED
Our director, Howard Turner MAAT ATT, qualified as an accounting and taxation technician in 1995 after training with chartered accountants in Cheshire...See More
Frequently asked questions
What is the role of a company liquidator in Cheshire?
A company liquidator in Cheshire is a licensed insolvency practitioner who takes control of an insolvent company to wind it down. Their duties include realising assets, investigating the company's affairs, settling creditor claims in statutory order, and ultimately dissolving the company. They also ensure directors comply with legal obligations and report any wrongful trading or misconduct.
How much does a Creditors' Voluntary Liquidation cost in Cheshire?
The cost of a CVL in Cheshire typically ranges from £4,000 to £8,000 plus VAT, depending on the complexity of the case. This fee is paid from company assets, not out of the directors' personal pockets. We provide a fixed-fee quote after an initial free assessment, ensuring no hidden costs. In some cases, if assets are insufficient, directors may need to contribute, but we explore all funding options first.
What is the difference between a CVL and compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is initiated by the directors and shareholders of an insolvent company, who appoint a liquidator voluntarily. Compulsory liquidation is a court-ordered process, usually triggered by a creditor petition. A CVL gives directors more control and is less damaging to their reputation, while compulsory liquidation can lead to personal liability and disqualification.
Can a director be personally liable for company debts in liquidation?
Generally, no, because a limited company is a separate legal entity. However, personal liability can arise if directors have given personal guarantees, traded wrongfully, or misappropriated assets. Our liquidators investigate any potential misconduct and will advise you on minimising risks. Acting early and cooperating fully with the liquidator reduces the chance of personal claims.
How long does a company liquidation take in Cheshire?
The entire CVL process typically takes between 6 to 12 months, depending on the complexity of asset realisation and creditor claims. The initial liquidation meeting is usually held within 2 to 4 weeks of instruction. After the liquidator completes their investigations and distributes funds, the company is formally dissolved, which can take an additional 3 months.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, all employees are automatically made redundant. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. The liquidator will provide the necessary forms (RP1, RP2, etc.) and guide employees through the claims process.
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