ACCOTAX - Accountants & Tax Consultants
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Mind Your Assets Accounts
Mind Your Assets Accounts is based in Sheffield, South Yorkshire, with offices also in Manchester and London. We have over 20 years accountancy expe...See More
Accounting 4 Ltd
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SAFEBOOKS4U BOOKKEEPING SERVICES
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Additions Accountancy
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MGM & CO. Chartered Certified Accountants
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HHR ACCOUNTANCY LTD
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Holdsworth Accountancy
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FLEXIE ACCOUNTANTS LTD
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Clarity Accountants
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Msi Accountancy Services
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Zak Partnership
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Norbury Bookkeeping Services
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T.Y.E BOOKKEEPING LTD
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Cheaper Accountant
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Sambhav Management Limited
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GORILLA ACCOUNTING LIMITED
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Frequently asked questions
What is the difference between a creditors' voluntary liquidation (CVL) and a compulsory liquidation?
A creditors' voluntary liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent. They pass a resolution to wind up the company and appoint a licensed insolvency practitioner as liquidator. A compulsory liquidation is a court-ordered liquidation, usually following a winding-up petition presented by a creditor (such as HMRC or a supplier). In a CVL, the directors maintain more control over the process and choice of liquidator, whereas in a compulsory liquidation, the court appoints the Official Receiver or an insolvency practitioner.
Can I continue trading if my company is insolvent in Gainsborough?
If your company is technically insolvent (liabilities exceed assets or you cannot pay debts as they fall due), you must act carefully. Continuing to trade could lead to wrongful trading claims against directors personally. You can continue trading if there is a reasonable prospect of recovery, but you must take professional advice immediately. A licensed insolvency practitioner can assess your position and help you decide whether to attempt a rescue plan, enter a formal insolvency procedure, or cease trading to protect creditors and yourself.
How much does it cost to appoint a company liquidator in Gainsborough?
The cost of liquidation varies depending on the complexity of the case, the size of the company, and the amount of work required. For a creditors' voluntary liquidation (CVL), fees are often fixed or based on time spent, and they are paid from the company's assets (if any) or by the directors personally if there are no assets. We provide a transparent, no-obligation quote after an initial free consultation. We will explain all costs upfront so there are no hidden surprises.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made (for compulsory liquidation) or the date the resolution is passed (for CVL). The liquidator will provide employees with a claim form to submit to the Redundancy Payments Service for statutory redundancy pay, unpaid wages, holiday pay, and notice pay. The liquidator also has a duty to ensure employees' rights are protected and to provide relevant information.
Can I close a solvent company using a members' voluntary liquidation (MVL) in Gainsborough?
Yes, if your company is solvent (able to pay all debts in full, including interest, within 12 months), you can use a members' voluntary liquidation (MVL). This process is often used by directors who wish to retire or extract retained profits in a tax-efficient manner, as distributions from an MVL are treated as capital gains rather than income. A licensed insolvency practitioner must make a statutory declaration of solvency and then act as liquidator to wind up the company's affairs.
What are the legal duties of directors when a company is facing liquidation?
Directors have a legal duty to act in the best interests of creditors once the company becomes insolvent. This includes avoiding wrongful trading, not preferring certain creditors over others, and not disposing of company assets without proper consideration. Directors must also cooperate fully with the liquidator, provide all necessary books and records, and disclose any transactions that occurred in the period leading up to liquidation. Failure to comply can result in personal liability, disqualification, or even criminal prosecution.
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