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orilla Accounting was born after a group of specialist accountants with decades of experience amongst them, decided that accounting shouldn’t be a lab...See More
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Norbury Bookkeeping Services
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C & B Accounting Solutions Ltd
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Frequently asked questions
What are the main types of company liquidation available in Delph?
There are three main types of liquidation in the UK: Creditors Voluntary Liquidation (CVL) for insolvent companies, Members Voluntary Liquidation (MVL) for solvent companies looking to close, and Compulsory Liquidation which is forced by a court order usually following a creditor's petition. Our licensed insolvency practitioners in Delph will assess your situation and recommend the most suitable route for your specific circumstances.
How much does it cost to appoint a company liquidator in Delph?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a Creditors Voluntary Liquidation, fees typically range from £3,000 to £6,000 plus VAT, but we always provide a fixed fee quote before you commit. For Members Voluntary Liquidations, costs are often lower. We offer a free consultation to provide an accurate estimate based on your company's details.
Can I continue trading while my company is being liquidated in Delph?
No, once a liquidation order is made or a resolution to wind up is passed, the company must cease trading immediately, except in very limited circumstances where continuing to trade may help preserve asset value. Our liquidators in Delph will advise you on the exact legal restrictions and what actions you can take during the process to avoid personal liability for wrongful trading.
What happens to employees when a company goes into liquidation in Delph?
Employees are automatically made redundant from the date of liquidation. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay, which may be claimed from the National Insurance Fund if the company lacks sufficient assets. We guide employees through the claims process and provide documentation to support their applications.
How long does the liquidation process take in Delph?
The duration depends on the complexity of the company's financial affairs. A straightforward Creditors Voluntary Liquidation can be completed in as little as 6 to 12 months, but cases involving complex asset realisation, legal disputes, or incomplete records may take longer. Members Voluntary Liquidation can often be concluded within 12 months. We provide a realistic timeline after reviewing your company's documentation.
Can I be held personally liable for company debts after liquidation in Delph?
In most cases, directors are not personally liable for company debts if they have acted lawfully and fulfilled their duties. However, if there is evidence of wrongful trading, fraudulent trading, or misfeasance, a liquidator may pursue directors personally. We will review your conduct and records to identify any potential risks and advise you on how to mitigate them before liquidation proceeds.
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