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
Frequently asked questions
What is the role of a company liquidator in East Yorkshire?
A company liquidator in East Yorkshire is a licensed insolvency practitioner who takes control of a company that is being closed down, either due to insolvency or as a solvent closure. Their role is to realise the company's assets, investigate its affairs, settle creditor claims, and distribute any remaining funds to shareholders or creditors according to legal priority. They also handle all statutory filings and ensure the company is formally dissolved.
How much does a company liquidation cost in East Yorkshire?
The cost of a Creditors Voluntary Liquidation (CVL) in East Yorkshire typically ranges from £3,000 to £6,000 plus VAT, depending on the complexity of the case, the number of creditors, and the assets involved. Many liquidators offer a fixed fee for straightforward cases. For solvent Members Voluntary Liquidations (MVL), fees are often based on the value of assets realised, but we always provide a clear, written quotation before you commit.
What is the difference between CVL and MVL?
A Creditors Voluntary Liquidation (CVL) is for an insolvent company that cannot pay its debts, where the directors initiate the process to protect creditors. A Members Voluntary Liquidation (MVL) is for a solvent company, where the directors and shareholders decide to close the business, often for retirement or restructuring. In an MVL, all debts are paid in full, and the process is typically quicker and less formal than a CVL.
Can a director be held personally liable for company debts in liquidation?
Yes, in certain circumstances. If a director has acted wrongfully, such as trading while insolvent, taking excessive director loans, or breaching fiduciary duties, the liquidator can pursue them for personal liability. However, if you seek professional advice early and act in the best interests of creditors, you can avoid personal liability. Our liquidators will guide you on your duties and help you mitigate risks.
How long does the liquidation process take in East Yorkshire?
A Creditors Voluntary Liquidation (CVL) typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. A solvent Members Voluntary Liquidation (MVL) can be completed in as little as 3 to 6 months. The process includes a meeting of shareholders, appointment of the liquidator, asset disposal, and final dissolution with Companies House.
What happens to employees when a company goes into liquidation?
When a company goes into liquidation, employees are automatically made redundant from the date of the liquidation order. The liquidator will assist employees in claiming their statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (Redundancy Payments Service). The liquidator also provides the necessary forms and certificates to support these claims.
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