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
Persona Finance
Persona Finance is a London accounting company with an office at 63/66 Hatton Garden in London. Due to the lock-down, we are happy to provide ou...See More
Frequently asked questions
What is the role of a company liquidator in Hatton Garden?
A company liquidator in Hatton Garden is a licensed insolvency practitioner who manages the winding-up process of a company. Their role includes realising assets, settling creditor claims, investigating the company's affairs, and ensuring legal compliance. They also guide directors through their duties and help distribute any remaining funds to shareholders, providing a structured and transparent closure.
How much does it cost to hire a liquidator for my company in Hatton Garden?
The cost of liquidation varies based on the complexity of your company's finances, the number of creditors, and the chosen liquidation type (e.g., CVL or MVL). Typically, fees are taken from the company's assets, but in some cases, they may be paid by directors. We offer transparent, fixed-fee quotes after an initial assessment, ensuring no hidden costs.
What is the difference between a CVL and an MVL?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An MVL (Members' Voluntary Liquidation) is for solvent companies, often for restructuring or retirement. In a CVL, creditors control the process, while in an MVL, shareholders appoint the liquidator. Our team advises on the most suitable route for your situation.
Can I continue trading after appointing a liquidator in Hatton Garden?
Once a liquidator is appointed, directors' powers cease, and the liquidator takes control of the company. Trading typically stops immediately, except for actions necessary to preserve asset value or complete existing contracts. The liquidator will handle all ongoing obligations, so you should not continue trading without their approval.
What happens to my company's employees during liquidation in Hatton Garden?
In a liquidation, employees are automatically dismissed from the date the liquidator is appointed. They may be entitled to redundancy pay, notice pay, and unpaid wages, which are preferential claims. The liquidator will advise on making claims to the Redundancy Payments Service and ensure employees receive their statutory entitlements.
How long does the liquidation process take in Hatton Garden?
The timeline varies, but a typical CVL takes 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be quicker, often 3 to 6 months. Complex cases with legal disputes or asset recovery may take longer. Our liquidators provide a clear timeline during the initial consultation.
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