ACCOTAX - Accountants & Tax Consultants
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Kings Oak Accountancy
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KINGS OAK ACCOUNTANCY (SOMERSET) LTD
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Bell Stanley Accountants
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HUBBLE ACCOUNTANCY LTD
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Williamslester Brilliant Accounting Services
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DEAD SIMPLE ACCOUNTING LTD
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Turner Barratt
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QUENTELA ACCOUNTING LIMITED
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The Bean Counters Accountants LLP
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R Albert Accountancy Ltd
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Frequently asked questions
What is a company liquidator in Ilminster?
A company liquidator in Ilminster is a licensed insolvency practitioner who manages the formal closure of a company. They take control of the company's assets, sell them, and distribute the proceeds to creditors according to the legal priority. They also investigate the company's affairs and ensure that all statutory requirements are met. For insolvent companies, a liquidator acts in the interests of creditors, while for solvent companies, they act in the interests of shareholders.
When should I consider appointing a liquidator in Ilminster?
You should consider appointing a liquidator in Ilminster if your company is insolvent and cannot pay its debts as they fall due, or if you wish to close a solvent company. Signs of insolvency include creditor pressure, statutory demands, winding-up petitions, or persistent cash flow problems. For solvent companies, liquidation may be appropriate when the business has achieved its purpose, is no longer trading, or when the owners wish to extract retained profits tax-efficiently via a Members Voluntary Liquidation.
What is the difference between Creditors Voluntary Liquidation (CVL) and Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where the directors initiate the process to close the company, and a liquidator is appointed to realise assets and pay creditors. A Members Voluntary Liquidation (MVL) is used for solvent companies where shareholders decide to close the company, and the liquidator distributes surplus assets to shareholders. In an MVL, a declaration of solvency must be made by directors, and the process is typically more straightforward and cost-effective.
How much does it cost to hire a company liquidator in Ilminster?
The cost of hiring a company liquidator in Ilminster varies depending on the complexity of the case, the size of the company, and the number of creditors. For a Creditors Voluntary Liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, with a portion paid upfront and the remainder from asset realisations. For a Members Voluntary Liquidation (MVL), costs are often fixed and start from around £2,500 plus VAT. We provide transparent fee quotes before you commit.
Can I continue trading after appointing a liquidator?
Once a liquidator is appointed, their role is to wind down the company's affairs. You cannot continue trading in the normal course of business. The liquidator will assess whether any ongoing contracts can be completed for the benefit of creditors, but generally, trading ceases immediately. If you are considering liquidation but wish to continue trading, you may need to explore alternative options such as a Company Voluntary Arrangement (CVA) or administration.
What happens to employees when a company in Ilminster goes into liquidation?
When a company goes into liquidation, employees are automatically dismissed from the date the liquidator is appointed. The liquidator will provide the necessary redundancy paperwork, and employees may be able to claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund via the Redundancy Payments Service. The liquidator will guide employees through the claims process and ensure they receive their entitlements as preferential creditors where possible.
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