ACCOTAX - Accountants & Tax Consultants
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Marden & Co Accountants Ltd
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Tax Cruncher
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APRC Accountants
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TITUS ACCOUNTS LTD
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Central London Accountants
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Cheap - Accountants
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London Accountants
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Cruse + Burke
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Cruse+Burke
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Owadally & Kings Partnership
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Taxaccolega Chartered Accountants & Tax Advisers
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Abu Umar & Co.
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Financial Partnership London
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Fitzgeralds Accountants Limited
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" Accountify – Chartered Certified Accountants"
A firm of Chartered Certified Accountants based in London and Portsmouth. Accountify is an established brand in Accounting and Tax, serving its client...See More
Startup Accountants
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Not Just Bookkeeping Ltd
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Frequently asked questions
What is the difference between Creditors' Voluntary Liquidation (CVL) and Compulsory Liquidation?
A Creditors' Voluntary Liquidation (CVL) is a voluntary process initiated by the company's directors and shareholders when the company is insolvent. It involves appointing a licensed insolvency practitioner to wind up the business and distribute assets to creditors. Compulsory Liquidation, on the other hand, is a court-ordered process, usually initiated by a creditor who obtains a winding-up petition. In a CVL, directors retain more control over the process, whereas in compulsory liquidation, the court appoints an official receiver or liquidator.
Can a director of an insolvent company in Dorking avoid personal liability?
Yes, directors can avoid personal liability if they act in accordance with their statutory duties, including not trading while insolvent (wrongful trading) and prioritising creditor interests. By seeking professional advice early and cooperating with a licensed liquidator, directors can demonstrate that they took every reasonable step to minimise losses to creditors. Our liquidators provide guidance on how to document decisions and actions to protect against claims of misfeasance or fraudulent trading.
What is a Members' Voluntary Liquidation (MVL) and when is it used?
A Members' Voluntary Liquidation (MVL) is a process for solvent companies that wish to close down voluntarily. It requires a declaration of solvency from the directors, confirming that the company can pay its debts in full within 12 months. An MVL is often used by business owners who want to extract retained profits as capital rather than income, potentially benefiting from lower tax rates. Our Dorking liquidators can help you determine if an MVL is suitable and manage the entire process.
How much does it cost to appoint a company liquidator in Dorking?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. We offer a fixed-fee CVL service with no hidden costs, which typically covers all statutory work, including the meeting of creditors, asset realisation, and final distribution. For a free, no-obligation quote tailored to your company's situation, contact our team. We provide transparent pricing with no upfront fees for directors in most cases.
What happens to employees when a company goes into liquidation in Dorking?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made (for compulsory) or when the liquidator is appointed (for CVL). Employees may be entitled to claim redundancy pay, unpaid wages, holiday pay, and other statutory entitlements from the National Insurance Fund (via the Redundancy Payments Service). The liquidator will provide each employee with form RP1 to make these claims. We guide employees through this process and ensure their rights are protected.
Can I continue to trade my company while it is in liquidation?
Once a company enters liquidation, the liquidator takes control of the business and assets. The company ceases to trade immediately, except for the purpose of a beneficial winding-up, which may allow the liquidator to complete contracts or sell assets as a going concern. Directors cannot continue to trade or make decisions without the liquidator's approval. If you are considering liquidation, we recommend stopping all non-essential trading and seeking advice before the formal process begins.
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