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 role of a company liquidator in Hampshire?
A company liquidator in Hampshire is a licensed insolvency practitioner who manages the winding-up of a company's affairs. Their role includes realising assets, settling creditor claims, investigating the company's financial history, and ensuring statutory compliance. They act in the interests of creditors and shareholders, providing an orderly process that can include selling assets, negotiating with HMRC, and distributing any remaining funds according to legal priority.
How much do company liquidators in Hampshire charge?
Fees vary based on the complexity of the liquidation and the size of the company. For a Creditors Voluntary Liquidation (CVL), typical costs range from £3,000 to £7,000 plus VAT, often paid from company assets. Some firms offer fixed fees or payment plans. Always request a detailed quote upfront, and be wary of unusually low fees that may indicate hidden costs. Our initial consultation is free, and we provide transparent pricing before any work begins.
What is the difference between CVL and compulsory liquidation?
A Creditors Voluntary Liquidation (CVL) is initiated by the company's directors when it becomes insolvent, requiring a shareholder resolution and creditor approval. Compulsory liquidation is a court-ordered process, usually triggered by a creditor's winding-up petition. In a CVL, directors retain more control over the choice of liquidator and the process timeline, whereas compulsory liquidation is more formal and often results in a court-appointed official receiver.
Can I liquidate a company that has no assets?
Yes, you can liquidate an insolvent company with no assets, but it is often more cost-effective to consider alternative options like a creditors' voluntary strike-off or an administration order. If you proceed with liquidation, the liquidator's fees may need to be funded by directors personally, as there are no company assets to cover costs. We can advise on the most practical route based on your specific financial situation and any outstanding liabilities.
What are the legal duties of directors during liquidation in Hampshire?
Directors must cooperate fully with the liquidator, providing all company records, financial statements, and explanations of transactions. They must not conceal assets or prefer certain creditors over others. Directors also have a duty to avoid wrongful trading, meaning they must not continue trading when they know the company is insolvent. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution. Our liquidators guide you through these duties to minimise risk.
How long does a company liquidation take in Hampshire?
The duration depends on the complexity of the case. A straightforward Creditors Voluntary Liquidation (CVL) typically completes in 6 to 12 months, but it can extend if there are complex asset sales, legal disputes, or investigations. Compulsory liquidations may take longer due to court processes. After the liquidation is finalised, the company is dissolved, which usually occurs three months after the final meeting of creditors. We provide a realistic timeline during your initial consultation.
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