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Additions Accountancy
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Frequently asked questions
What is the role of a company liquidator in Downham Market?
A company liquidator in Downham Market is a licensed insolvency practitioner who manages the formal winding-up of a company. Their primary role is to collect and sell the company's assets, settle outstanding debts with creditors in the correct legal order, investigate the directors' conduct, and distribute any remaining funds to shareholders. They also handle all necessary legal filings and ensure the company is formally dissolved at Companies House.
When should a director consider compulsory liquidation?
A director should consider compulsory liquidation when a creditor, such as HMRC or a supplier, has obtained a winding-up petition against the company. This is often a last resort after other insolvency options have been exhausted. If the court issues a winding-up order, the Official Receiver or an appointed liquidator takes control of the company. Seeking professional advice early can help you avoid this scenario by exploring alternatives like a CVL or administration.
What is the difference between Creditors' Voluntary Liquidation (CVL) and compulsory liquidation?
Creditors' Voluntary Liquidation (CVL) is initiated by the directors and shareholders of a solvent or insolvent company who pass a resolution to wind up voluntarily. It is a proactive step to protect creditors and avoid court action. Compulsory liquidation is a court-ordered process, typically started by a creditor's winding-up petition. In a CVL, the directors choose the liquidator, whereas in compulsory liquidation, the court appoints the liquidator, which can lead to more scrutiny of director conduct.
Can a company in Downham Market continue trading during liquidation?
No, once a company enters liquidation, it must cease trading immediately, except in very limited circumstances where the liquidator allows trading to complete unfinished contracts or sell stock for the benefit of creditors. Continuing to trade while insolvent and after a winding-up resolution is passed can lead to personal liability for directors for wrongful trading. Our liquidators will guide you on the correct procedures to stop trading legally.
What are the legal duties of directors during a company liquidation?
During liquidation, directors have a legal duty to cooperate fully with the liquidator, provide all company records, including financial statements and bank statements, and disclose any transactions that may be considered preferential or at undervalue. They must also complete a director's questionnaire and attend interviews if required. Failure to comply can result in personal liability, disqualification from being a director, or even criminal prosecution.
How much does it cost to hire a company liquidator in Downham Market?
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 are typically fixed and paid from the company's assets. If assets are insufficient, the directors may need to fund the liquidation personally. We offer transparent fixed-fee pricing with no hidden costs, and we will provide a clear quotation after an initial free assessment of your company's situation.
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