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KINGS OAK ACCOUNTANCY (SOMERSET) LTD
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HUBBLE ACCOUNTANCY LTD
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TKI Bookkeeping & Accounts
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Turner Barratt
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QUENTELA ACCOUNTING LIMITED
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R Albert Accountancy Ltd
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The Bean Counters Accountants LLP
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Frequently asked questions
What does a company liquidator in Exmouth actually do?
A company liquidator in Exmouth is a licensed insolvency practitioner who takes control of a company that is closing down. Their duties include realising the company's assets, settling outstanding debts with creditors, investigating the directors' conduct, and ensuring that all legal requirements under the Insolvency Act 1986 are met. They also handle employee redundancies, statutory filings, and the final dissolution of the company from the Companies House register. The liquidator acts in the best interests of all creditors while providing a structured and lawful end to the business.
How much does liquidation cost for a company in Exmouth?
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 straightforward Creditors Voluntary Liquidation (CVL), typical fees range from £4,000 to £8,000 plus VAT, but this can increase if there are legal disputes, missing records, or complex asset structures. Most liquidators in Exmouth offer a fixed fee for a standard CVL, which covers the statutory work. Always request a detailed written quote before proceeding, and be wary of unusually low fees that may lead to poor service.
What is the difference between voluntary liquidation and compulsory liquidation?
Voluntary liquidation is initiated by the company's directors and shareholders, usually through a Creditors Voluntary Liquidation (CVL) when the company is insolvent. The directors pass a resolution to wind up the company and then appoint a liquidator. Compulsory liquidation is forced by a creditor who obtains a court winding-up order, often after a statutory demand or a county court judgment. In compulsory liquidation, the Official Receiver may initially act as liquidator, or a licensed insolvency practitioner may be appointed. Voluntary liquidation gives directors more control over the process and the choice of liquidator.
Can I keep trading if my Exmouth company is insolvent?
If your company is insolvent, continuing to trade can expose you to personal liability for wrongful trading under Section 214 of the Insolvency Act 1986. Directors must act in the best interests of creditors and take every step to minimise losses. If you continue trading without a realistic prospect of recovery, you may be required to contribute personally to the company's assets. The safest course is to seek professional advice immediately. A licensed liquidator can help you assess whether a rescue plan is viable or whether a CVL is the correct action to protect you from further liability.
What happens to employees when a company goes into liquidation in Exmouth?
When a company enters liquidation, all employees are automatically dismissed from the date the liquidation order is made or the resolution is passed. The liquidator becomes responsible for settling employee claims, including unpaid wages, holiday pay, notice pay, and redundancy pay. These claims are preferential debts and are usually paid from the company's assets or through the National Insurance Fund (via the Redundancy Payments Service). The liquidator will provide each employee with the necessary forms to claim statutory entitlements. It is important to note that employees cannot claim for loss of future earnings or bonuses unless they were contractual.
How long does the liquidation process take for a company in Exmouth?
A typical Creditors Voluntary Liquidation (CVL) in Exmouth takes between 6 and 12 months to complete, depending on the complexity of the case. The initial meeting of creditors is held within 14 days of the resolution, and the liquidator then begins asset realisation and claims assessment. Simple cases with few assets and no disputes can be concluded in as little as 4 to 6 months. However, if there are investigations into director conduct, legal challenges, or complex asset sales, the process can extend to 18 months or longer. The liquidator must file a final report with Companies House before the company is formally dissolved.
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