ACCOTAX - Accountants & Tax Consultants
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Harris Rosenberg Chartered Accountants
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Clarity Accountants
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GORILLA ACCOUNTING LIMITED
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Norbury Bookkeeping Services
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C & B Accounting Solutions Ltd
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BROOKSON LIMITED
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Pepperhill Associates
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LLOYDS ACCOUNTANTS LTD
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ACCOUNTS 2U LIMITED
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MJF ACCOUNTANCY LIMITED
Frequently asked questions
What is the role of a company liquidator in Heywood?
A company liquidator in Heywood is a licensed insolvency practitioner who takes control of an insolvent company to wind it down. Their role is to sell company assets, distribute the proceeds to creditors in the correct statutory order, investigate the directors' conduct, and formally dissolve the company. They act in the interests of creditors while ensuring directors understand their legal obligations and potential liabilities.
How much does a Creditors Voluntary Liquidation (CVL) cost in Heywood?
The cost of a CVL in Heywood varies based on company complexity, asset value, and creditor volume. Typically, fees range from £4,000 to £8,000 plus VAT, but many liquidators offer a fixed fee structure. The fee is paid from company assets, not from the director's personal pocket. If there are insufficient assets, the director may need to fund the process, but this is often recoverable from the company's assets or via a director's loan. Always get a written quote before proceeding.
What is the difference between a CVL and 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, proactive process. Compulsory liquidation, on the other hand, is a court-ordered liquidation usually forced by a creditor who presents a winding-up petition. In a compulsory liquidation, the court appoints the Official Receiver initially, which often leads to a more expensive and less controlled outcome for directors.
Can I continue trading after my Heywood company enters liquidation?
No. Once a company enters liquidation, the liquidator takes over control, and the directors' powers cease. You cannot trade or make any decisions about company assets. However, the liquidator may continue trading for a short period if it is beneficial to sell the business as a going concern or to complete contracts. Any trading after the liquidation date must be conducted by the liquidator, not the directors.
What happens to my company's debts after liquidation in Heywood?
Once liquidation is complete, the company is legally dissolved, and all unsecured debts are written off. Creditors cannot pursue the company for payment after dissolution. However, if you have personally guaranteed any business loans or leases, the creditor can pursue you personally for those amounts. Also, if the liquidator finds evidence of fraudulent or wrongful trading, you may face personal liability for some debts.
How long does a company liquidation take in Heywood?
The length of a liquidation in Heywood depends on the complexity of the case. A straightforward CVL with no assets or few creditors can be completed in as little as 6 to 9 months. Cases with complex asset realisation, legal disputes, or investigations can take 12 to 24 months or longer. The liquidator must also wait for the final meeting of creditors and the dissolution process, which has statutory timeframes.
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