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Argents Chartered Accountants
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J C Accounting Ltd
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Virtue Accountants Ltd

LeeP Accountants Registered in England & Wales
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Bird & Co
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AWS ACCOUNTANTS (LONDON) LLP

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Ahmed-Cliffords Ltd
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Additions Accountancy
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Rochvilles & Co Accountants Ltd
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John Lavender accounting ltd
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Frequently asked questions
What is the role of a company liquidator in Great Ymouth?
A company liquidator in Great Yarmouth is a licensed insolvency practitioner who formally closes down an insolvent company. Their role includes realising company assets, distributing funds to creditors in the correct legal order, investigating the directors' conduct, and ensuring all statutory filings are made with Companies House and HMRC. They also handle employee claims and communicate with all stakeholders throughout the process.
How much does company liquidation cost in Great Yarmouth?
The cost of liquidation in Great Yarmouth varies based on the complexity of the case, the number of assets, and the level of creditor involvement. For a straightforward Creditors' Voluntary Liquidation (CVL), our fixed fees typically range from £3,500 to £6,000 plus VAT and disbursements. We provide a clear, written quote before any work begins, and we can discuss payment options, including director-funded arrangements.
What is the difference between CVL and compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is initiated by the directors when they conclude the company cannot pay its debts. The directors appoint a liquidator, and creditors approve the appointment at a meeting. Compulsory liquidation is a court-ordered process, usually triggered by a creditor's petition (e.g., for an unpaid debt over £750). CVL gives directors more control and is generally less adversarial, whereas compulsory liquidation is more formal and can carry additional penalties.
Can I still trade if my company is insolvent in Great Yarmouth?
Once a company is insolvent, directors must act in the best interests of creditors, not shareholders. Continuing to trade without a realistic prospect of recovery can lead to personal liability for wrongful trading under the Insolvency Act 1986. You should seek professional advice immediately. In some cases, a short period of trading may be justified to complete work that benefits creditors, but this must be carefully documented.
What happens to employees when a company is liquidated?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order or the appointment of the liquidator. Employees may be able to claim redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator will provide each employee with form RP1 and guide them through the claims process.
Are directors personally liable for company debts in liquidation?
Generally, directors are not personally liable for company debts if the company is a limited liability entity and they have not acted wrongfully. However, personal liability can arise if there is evidence of fraudulent trading, wrongful trading, or if directors have given personal guarantees for loans or credit. The liquidator will investigate director conduct and may pursue recovery of funds if assets were transferred at undervalue or preferential payments were made.
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