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HHR ACCOUNTANCY LTD
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Frequently asked questions
What are the first signs that my company in Cromford needs liquidation?
Key warning signs include persistent cash flow problems, inability to pay suppliers or employees on time, mounting creditor pressure, statutory demands or winding-up petitions, and a balance sheet showing liabilities exceeding assets. If you are trading while insolvent, you risk personal liability for wrongful trading. Early advice from a licensed liquidator can help you explore rescue options or proceed with a structured liquidation to protect your position.
What is the difference between creditors voluntary liquidation and compulsory liquidation?
Creditors voluntary liquidation (CVL) is a voluntary process initiated by the directors and shareholders when the company is insolvent. A licensed insolvency practitioner is appointed to wind up affairs and distribute assets to creditors. Compulsory liquidation is a court-ordered process, usually following a creditor's winding-up petition. In a CVL, directors retain more control, while compulsory liquidation involves court oversight and potential investigation into director conduct.
How much does company liquidation cost in Cromford?
The cost of liquidation varies based on company complexity, asset value, and creditor numbers. Typically, a simple CVL costs between £4,000 and £8,000 plus VAT, with fees often taken from company assets. If assets are insufficient, directors may need to fund the process personally. We provide transparent, fixed-fee quotes after an initial assessment, with no hidden charges. Compulsory liquidation costs are higher due to court fees and legal expenses.
Can I keep trading after my company enters liquidation?
No. Once a winding-up order is made or a CVL resolution is passed, the liquidator takes control of the company. Directors' powers cease, and trading must stop immediately except for limited actions approved by the liquidator to preserve value. Continuing to trade after insolvency without proper procedures can lead to personal liability for debts incurred and potential disqualification as a director.
What happens to employees when a company is liquidated?
Employees are automatically dismissed when a company enters liquidation. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, notice pay, and unpaid wages from the National Insurance Fund (via the Redundancy Payments Service). Employees become preferential creditors for certain claims. The liquidator will provide each employee with form RP1 and guide them through the claims process.
Are directors personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted properly and not engaged in wrongful trading, fraudulent trading, or misfeasance. However, if you have given personal guarantees for loans or credit, creditors can pursue you personally. Additionally, if assets were transferred at undervalue or preferential payments were made to certain creditors, the liquidator can recover these from directors personally.
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