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BLUEBIRD ACCOUNTANCY LIMITED
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Ahmed-Cliffords Ltd
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MADE SIMPLE GROUP LIMITED
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Alpha Tax & Accounting
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Reckonwell Finance
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THEFORMATIONSCOMPANY.COM LIMITED
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KUBED SOLUTIONS LIMITED
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ION Chartered Accountant
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1ST FORMATIONS LIMITED
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Clear House Accountants
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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL) in Enfield?
A CVL is used for insolvent companies where debts cannot be paid, and it is initiated by directors to protect against creditor action. An MVL is for solvent companies that wish to close, allowing shareholders to distribute remaining assets in a tax-efficient manner. Our Enfield liquidators will assess your balance sheet to recommend the correct procedure.
How much do company liquidators in Enfield charge for their services?
Fees vary based on company complexity, asset values, and creditor numbers. For a standard CVL, many Enfield firms offer fixed fees ranging from £3,500 to £6,000 plus VAT, but this depends on the workload. We provide a transparent written quote before any work begins, with no hidden disbursements or surprise charges.
Can I continue trading while my company is being liquidated in Enfield?
Once a liquidator is appointed, their control over assets supersedes directors' powers, so you cannot trade normally. However, the liquidator may allow limited trading to complete contracts if it benefits creditors. We advise against new credit arrangements before liquidation, as this could lead to personal liability for wrongful trading.
What happens to employees when a company goes into liquidation in Enfield?
Employees are automatically dismissed upon liquidation, and the liquidator becomes responsible for their statutory entitlements. This includes redundancy pay, notice pay, accrued holiday pay, and unpaid wages. Claims are made to the Redundancy Payments Service, and we guide Enfield employers through the paperwork to ensure staff receive all due compensation.
Will I be personally liable for company debts after liquidation in Enfield?
If you have acted lawfully and not given personal guarantees, liquidation generally releases directors from corporate debts. However, personal liability can arise from fraudulent trading, wrongful trading, or breach of fiduciary duty. Our Enfield liquidators will review your conduct and advise on any potential risks before you commit to liquidation.
How long does a company liquidation take in Enfield?
A Creditors Voluntary Liquidation typically takes 6 to 12 months to complete, depending on asset realisation and creditor claims. A solvent MVL can be faster, often closing within 3 to 6 months. The statutory process includes a meeting of creditors, filing of final accounts, and dissolution with Companies House, which adds several weeks to the timeline.
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