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
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TKI Bookkeeping & Accounts
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HUBBLE ACCOUNTANCY LTD
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Bell Stanley Accountants
Welcome to Bell Stanley Accountants page.
J. Jervis Accounting Services LTD
THE FINANCIAL MANAGEMENT CENTRE UK LTD
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R Albert Accountancy Ltd
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MRC Accounting Services
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Raven Solution
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Frequently asked questions
What is the role of a company liquidator in Haverfordwest?
A company liquidator in Haverfordwest is a licensed insolvency practitioner who takes control of a company that is being closed down. Their role is to sell the company's assets, settle outstanding debts with creditors in the correct legal order, investigate the company's affairs, and ultimately dissolve the company from the Companies House register. They also ensure that directors fulfil their duties and that the liquidation process is fair and transparent for all parties involved.
When should I consider liquidation for my company in Haverfordwest?
You should consider liquidation when your company is insolvent, meaning it cannot pay its debts as they fall due. Warning signs include persistent creditor pressure, statutory demands, county court judgments, or the threat of winding-up petitions. If the company has no viable future and you cannot trade out of difficulty, a Creditors' Voluntary Liquidation (CVL) is often the most responsible way to close the business and protect creditors from further losses.
What is the difference between a CVL and a compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is initiated by the company's directors and shareholders, who pass a resolution to wind up the company voluntarily. It is a controlled, director-led process. Compulsory liquidation is a court-ordered process that typically follows a creditor's petition to wind up the company. A CVL gives directors more control over the choice of liquidator and the timing, whereas compulsory liquidation is forced and can be more costly and stressful.
Can I be held personally liable for company debts if I liquidate in Haverfordwest?
If you have acted honestly and within the law, you are generally not personally liable for company debts. However, if you have given personal guarantees, engaged in wrongful trading, or misused company funds, the liquidator can pursue you personally. Using a licensed liquidator early helps you avoid such risks and demonstrates that you are acting in the best interests of creditors, which can protect you from accusations of misconduct.
How much does it cost to liquidate a company in Haverfordwest?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward CVL, fees typically range from £4,000 to £8,000 plus VAT and disbursements. The liquidator's fees are paid from the company's assets, but if there are insufficient assets, directors may need to fund the process. We provide a fixed-fee quote after an initial review of your company's finances.
What happens to employees when a company goes into liquidation in Haverfordwest?
When a company enters liquidation, all employees are automatically dismissed from the date the liquidation order is made. The liquidator will provide each employee with a claim form (RP1) to submit to the Redundancy Payments Service for statutory redundancy pay, unpaid wages, holiday pay, and notice pay. The liquidator also assists employees in understanding their rights and ensures that all claims are processed correctly.
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