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
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MARLIS BOOKKEEPING & ACCOUNTANCY
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Williamslester Brilliant Accounting Services
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Woody's Payroll & Bookkeeping Services
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TKI Bookkeeping & Accounts
Hello and welcome to my site, I am qualified by the The Institute of Certified Bookkeepers and have attained highest level qualification, Level 4 Dipl...See More
HUBBLE ACCOUNTANCY LTD
This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
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Bell Stanley Accountants
Welcome to Bell Stanley Accountants page.
Kings Oak Accountancy
Accountants based in Bristol, Bath & Somerset providing accounting and tax services to small and medium size owner-managed businesses. Our services in...See More
KINGS OAK ACCOUNTANCY (SOMERSET) LTD
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THE FINANCIAL MANAGEMENT CENTRE UK LTD
Online firm
J. Jervis Accounting Services LTD
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R Albert Accountancy Ltd
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Purnells - Licensed Insolvency Practitioners
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MRC Accounting Services
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Oakes Accounting
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AMSTOR ACCOUNTANTS LIMITED
Amstor Accountants Limited T/A Premier Accountants, Auditors and Tax Advisers want to help you pay less tax and keep more of the profit your business ...See More
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Raven Solution
This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
Naseems Accountants
Established in 1978, Naseems Accountants is a small but growing business with our clients doubled over the last decade. We honor ourselves in ou...See More
Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A CVL is used for insolvent companies where directors cannot pay debts as they fall due. It is initiated by shareholders but controlled by creditors, and it allows for an orderly winding up of the company's affairs. An MVL is for solvent companies that have sufficient assets to pay all liabilities in full, typically used for business restructuring or retirement. In an MVL, shareholders appoint a liquidator, and the process is usually faster and less formal than a CVL.
What are the legal duties of a director when a company becomes insolvent in Guildford?
Directors have a duty to act in the best interests of creditors once insolvency is inevitable. This includes avoiding wrongful trading, which means continuing to incur debts when you know there is no reasonable prospect of repayment. You must also keep proper financial records, avoid preferential payments to certain creditors, and not dispose of company assets without proper value. Failing to meet these duties can lead to personal liability, disqualification, or even criminal prosecution.
Can I keep trading if my company is insolvent but I am trying to sell it?
Yes, but with extreme caution. If you believe a sale is achievable and will result in a better outcome for creditors than an immediate liquidation, you may continue trading. However, you must not take on new credit that you cannot repay, and you must seek professional advice immediately. A licensed insolvency practitioner can help you assess whether trading on is viable and guide you through the process, including potential administration or a pre-pack sale.
What happens to employees if a company goes into liquidation in Guildford?
In a Creditors Voluntary Liquidation, the liquidator takes over responsibility for employees. Employees are entitled to claim certain arrears of wages, holiday pay, and redundancy pay from the National Insurance Fund (Redundancy Payments Service). The liquidator will provide the necessary forms (RP1, RP2) and guide employees through the claims process. Employees become preferential creditors for some of these amounts, but any unsecured balance is paid only if funds are available.
How much does it cost to appoint a company liquidator in Guildford?
The cost of liquidation varies depending on the complexity of the case, the size of the company, and the amount of asset realisation involved. For a Creditors Voluntary Liquidation, fees are typically paid from the company's assets, but if there are insufficient assets, directors may need to contribute personally to cover the costs. Our initial consultation is free, and we provide a transparent fee quote before any work begins. We recommend comparing quotes from licensed insolvency practitioners, but always ensure they are fully qualified and regulated.
Can I liquidate a company that has no assets or money to pay for the liquidation?
Yes, but it can be challenging. If a company has no assets and cannot pay the liquidator's fees, the directors may need to fund the liquidation themselves. In some cases, a director may apply to the court for a compulsory liquidation, but this is costly. Alternatively, if the company is insolvent but has no assets, you might consider a 'strike off' from the Companies House register, but this is only possible if the company has not traded in the last three months and has no outstanding liabilities. Professional advice is essential to avoid penalties.
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