ACCOTAX - Accountants & Tax Consultants
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Additions Accountancy
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Msi Accountancy Services
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Virtue Accountants Ltd
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FLEXIE ACCOUNTANTS LTD
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HHR ACCOUNTANCY LTD
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J C Accounting Ltd
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Matrix Accountancy Services Limited
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Mind Your Assets Accounts
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Pharmatax
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Accounting 4 Ltd
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Frequently asked questions
What is the role of a company liquidator in Grantham?
A company liquidator in Grantham is a licensed insolvency practitioner who manages the winding up of a company's affairs. Their role includes selling company assets, settling creditor claims, investigating the directors' conduct, and distributing any remaining funds to shareholders. They ensure the liquidation process follows UK insolvency law and that all statutory duties are met, providing a legally sound closure for the company.
How much does company liquidation cost in Grantham?
The cost of company liquidation in Grantham varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a creditors voluntary liquidation (CVL), fees often range from £3,000 to £7,000 plus VAT, but many firms offer fixed fees. Members voluntary liquidation (MVL) for solvent companies may cost between £2,500 and £5,000. Always request a detailed quote before engaging a liquidator.
What is the difference between CVL and MVL?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where directors cannot pay debts, and it is initiated by the directors but controlled by creditors. A Members Voluntary Liquidation (MVL) is for solvent companies that can pay all debts in full within 12 months; it is initiated by shareholders and often used for tax-efficient distribution of retained profits. The processes differ in terms of solvency declarations, creditor involvement, and the liquidator's duties.
Can I liquidate my company myself without a professional?
Technically, a director can apply to strike off a company voluntarily if it has not traded or traded minimally, but formal liquidation for insolvent companies must be handled by a licensed insolvency practitioner. Attempting to wind up a company without professional help risks personal liability for directors, potential penalties for wrongful trading, and invalid creditor claims. It is always safer to consult a licensed liquidator in Grantham.
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. The liquidator will provide redundancy claim forms, and employees can claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator will assist employees in submitting these claims and prioritise their claims in the distribution of assets.
How long does the liquidation process take in Grantham?
The duration of liquidation in Grantham depends on the type and complexity. A CVL typically takes 6 to 12 months to complete, but complex cases with many assets or disputes can extend longer. An MVL may be completed in 3 to 6 months. The liquidator must file final accounts and hold a final meeting, and the company is formally dissolved after the liquidation is concluded.
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