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 Hants?
A company liquidator in Hants is a licensed insolvency practitioner who manages the formal closure of a company. Their role includes assessing the company's financial position, realising assets, agreeing claims with creditors, distributing any available funds, and ensuring that all legal and statutory requirements are met. They also investigate the conduct of directors and report to the Insolvency Service if necessary.
When should I consider Creditors Voluntary Liquidation (CVL) in Hants?
You should consider CVL when your company is insolvent—meaning it cannot pay its debts as they fall due—and there is no realistic prospect of recovery. Common triggers include mounting creditor pressure, a winding-up petition, or a significant loss of a key contract. CVL allows directors to take proactive control, avoid compulsory liquidation, and protect their personal liability, provided they act in the interests of creditors.
Can a liquidator in Hants help stop a winding-up petition?
Yes, in many cases. If a creditor has issued a winding-up petition against your company, appointing a licensed liquidator to place the company into Creditors Voluntary Liquidation can lead to the petition being dismissed or withdrawn, as the company is already in a formal insolvency process. Acting quickly is crucial to prevent a compulsory winding-up order, which is more costly and less controlled.
What are the costs of company liquidation in Hants?
The cost of liquidation in Hants varies depending on the complexity of the case, the size of the company, and the value of assets. Typically, fees range from £4,000 to £8,000 plus VAT for a straightforward CVL. Some liquidators offer a fixed fee or a payment plan, and in some cases, the costs can be met from the company's assets. Always obtain a clear written quote before proceeding.
What is the difference between solvent and insolvent liquidation in Hants?
Solvent liquidation (Members' Voluntary Liquidation, MVL) is used when a company is solvent and can pay all its debts in full within 12 months. It is often used for tax planning to distribute surplus assets. Insolvent liquidation (Creditors Voluntary Liquidation, CVL) is for companies that cannot pay their debts. In CVL, creditors control the process, and directors may face restrictions if they have acted improperly.
Will I be personally liable for company debts after liquidation in Hants?
In most cases, no. Once a company enters liquidation, the liquidator takes control of its assets, and you are generally not personally liable for company debts, provided you have not given personal guarantees, acted fraudulently, or traded wrongfully. However, if you have given personal guarantees to creditors (such as a bank or landlord), those creditors can pursue you personally for the guaranteed amounts.
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