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 Hattersley Court?
A company liquidator in Hattersley Court is a licensed insolvency practitioner who takes control of a company that is being wound up. Their primary role is to realise the company's assets, settle outstanding debts with creditors, and distribute any remaining funds to shareholders. They also investigate the directors' conduct and ensure that the liquidation process follows all legal requirements under the Insolvency Act 1986.
When should I consider appointing a liquidator for my company?
You should consider appointing a liquidator 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 a winding-up petition from a creditor, a significant loss of a key client, or a director's decision to cease trading. Early consultation with a liquidator can help you explore alternatives like a company voluntary arrangement (CVA) or formal liquidation.
What is the difference between CVL and MVL?
Creditors voluntary liquidation (CVL) is used when a company is insolvent, and directors initiate the process to avoid compulsory liquidation. Members voluntary liquidation (MVL) is for solvent companies where directors wish to close the business, often for retirement or restructuring. In an MVL, the company can pay all debts in full, and any surplus is distributed to shareholders, often with tax advantages.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts once the company is formally liquidated, as the company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, engaged in fraudulent or wrongful trading, or misused company funds. Our liquidators can advise on your specific situation to minimise any risk of personal exposure.
How long does the liquidation process take in Hattersley Court?
The duration of liquidation depends on the complexity of the company's affairs. A straightforward CVL can be completed in as little as 6 to 12 months, while more complex cases involving asset sales, legal disputes, or investigations may take several years. The liquidator must also allow time for creditors to submit claims and for any necessary court approvals.
What are the costs of appointing a company liquidator?
Liquidation costs vary based on the size of the company and the complexity of the case. For CVL, fees are often taken from the company's assets, but if there are insufficient assets, directors may need to fund the process. We offer transparent fixed-fee pricing for our services, and during your free consultation, we will provide a clear breakdown of all costs involved, with no hidden charges.
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