ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What is the difference between a company liquidation and a bankruptcy in Guelph/Eramosa?
Liquidation is the process of selling off a company's assets to pay creditors, which can happen voluntarily (shareholders' decision) or involuntarily (court order). Bankruptcy is a legal status under the Bankruptcy and Insolvency Act that typically involves liquidation as part of the process, but it also provides a legal discharge from debts. A licensed insolvency trustee must oversee bankruptcy, while a liquidator can handle a voluntary dissolution under the OBCA without a formal bankruptcy filing.
How long does a typical company liquidation take in Guelph/Eramosa?
The timeline varies based on the size and complexity of the business. A small business with minimal assets can be liquidated in 4 to 8 weeks, while a larger operation with multiple locations, secured creditors, or complex contracts may take 3 to 6 months or longer. Factors include the time needed for asset appraisal, marketing, sale, and resolving creditor claims. We provide a realistic timeline after our initial assessment.
Can I keep my business running during the liquidation process?
Yes, in many cases we can continue operations temporarily to sell inventory at full value or fulfill outstanding orders, which often yields better returns for creditors. This is called a 'going concern' liquidation. We assess the viability of continuing operations, including cash flow needs, and advise you on the best approach to maximize asset recovery while minimizing losses.
What happens to my employees during a company liquidation in Guelph/Eramosa?
Employees are entitled to unpaid wages, vacation pay, and severance (if applicable) up to certain limits under the Employment Standards Act and the Wage Earner Protection Program. As part of the liquidation, we prioritize these claims and work with you to ensure proper termination notices are given. We also coordinate with the Ministry of Labour to handle any outstanding obligations and provide employees with the necessary documentation for their own claims.
Do I need a lawyer to liquidate my company in Guelph/Eramosa?
While it is not legally required to hire a lawyer for a voluntary dissolution, it is highly recommended. Our firm works alongside your legal counsel to ensure all corporate filings, shareholder resolutions, and creditor notifications are done correctly. If you do not have a lawyer, we can refer you to trusted legal partners who specialize in corporate law in Guelph/Eramosa to protect your interests and avoid personal liability.
What are the costs involved in hiring a company liquidator in Guelph/Eramosa?
Our fees are typically based on a percentage of the assets realized or an hourly rate, depending on the complexity of the liquidation. We provide a clear, written fee agreement upfront with no hidden costs. In many cases, our fees are paid from the proceeds of the asset sales before distribution to creditors. We also offer a free initial consultation to discuss your situation and provide a cost estimate.
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