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 Havant Hampshire?
A company liquidator in Havant Hampshire is a licensed insolvency practitioner who manages the formal closure of a limited company. Their role involves realising the company's assets, settling outstanding debts with creditors in the correct statutory order, and distributing any remaining funds to shareholders. They also handle all necessary legal filings with Companies House and HMRC, ensuring the company is formally dissolved in a compliant manner.
How much does a company liquidation cost in Havant?
The cost of liquidation in Havant varies depending on the complexity of the company's affairs, the number of creditors, and the volume of assets. For a Creditors' Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, often paid from company assets. We offer fixed-fee quotes after an initial free review, ensuring no hidden costs or surprises.
What is the difference between a CVL and an MVL?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, initiated by directors to avoid compulsory winding up. A Members' Voluntary Liquidation (MVL) is for solvent companies, usually to close a business that has served its purpose and distribute retained profits tax-efficiently. The choice depends on the company's solvency status, and our experts will advise the correct route.
Can a director be held personally liable for company debts during liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided they have not acted fraudulently or wrongfully. However, if directors continue trading while insolvent, misuse funds, or breach fiduciary duties, they may face personal liability claims. A liquidator will investigate director conduct, but proper advice and timely action can mitigate risks.
How long does a company liquidation process take in Havant?
A straightforward Creditors' Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on asset realisation and creditor claims. The initial meeting and appointment of the liquidator can happen within 2-3 weeks. Members' Voluntary Liquidations can be faster, often concluding in 3-6 months. Complex cases with disputes or asset sales may take longer.
What happens to employees during a company liquidation in Havant?
When a company enters liquidation, employees are automatically dismissed from the date the winding-up order is made or the resolution is passed. The liquidator will assist employees in making claims for unpaid wages, holiday pay, and redundancy entitlements from the National Insurance Fund (via the Redundancy Payments Service). The liquidator will also provide necessary documentation for employees to claim these statutory payments.
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