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HUBBLE ACCOUNTANCY LTD
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Turner Barratt
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QUENTELA ACCOUNTING LIMITED
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The Bean Counters Accountants LLP
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BARNES MAYER LIMITED
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Frequently asked questions
What is the role of a company liquidator in Harleston?
A company liquidator in Harleston is a licensed insolvency practitioner who manages the closure of an insolvent company. Their duties include realising assets, distributing proceeds to creditors, investigating director conduct, and ensuring statutory compliance with the Insolvency Act 1986. They also handle employee redundancies, notify Companies House and HMRC, and provide a final account of the liquidation.
How much does company liquidation cost in Harleston?
The cost of a Creditors' Voluntary Liquidation (CVL) in Harleston typically ranges from £3,000 to £7,000 plus VAT, depending on the complexity of the case and the number of creditors. We offer fixed-fee quotes with no hidden charges. For a Members' Voluntary Liquidation (MVL) of a solvent company, fees are usually between £2,500 and £4,000. Always request a written quotation before engaging a liquidator.
What is the difference between CVL and MVL?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, and it is initiated by directors. A Members' Voluntary Liquidation (MVL) is for solvent companies where directors declare solvency and want to close the business tax-efficiently, often to extract retained profits as capital. Both processes require a licensed insolvency practitioner, but the declarations and creditor involvement differ significantly.
Can I be held personally liable if my company goes into liquidation?
Directors are generally not personally liable for company debts if they have acted lawfully and without wrongful trading. However, liability can arise if you have given personal guarantees, traded while insolvent, or misused company funds. A licensed liquidator will investigate your conduct. Taking early advice and acting in the best interests of creditors can help protect you from personal claims.
How long does the liquidation process take in Harleston?
A typical Creditors' Voluntary Liquidation takes between 6 and 12 months to complete, depending on how quickly assets are sold and claims are resolved. The initial meeting of creditors usually occurs within 2 to 4 weeks of instructing a liquidator. For a solvent MVL, the process is often faster, completing in 3 to 6 months once the final accounts are filed.
What happens to employees during company liquidation?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made. They may 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 a claim form and guidance on how to apply. The liquidator is also responsible for notifying employees of their rights.
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