ACCOTAX - Accountants & Tax Consultants
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TI Accountancy Limtied
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LLOYDS ACCOUNTANTS LTD
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NIXON WILLIAMS LIMITED
Nixon Williams has been providing specialist accountancy services to contractors, freelancers, consultants and interim professionals throughout the UK...See More
Pepperhill Associates
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Holden Associates
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GE ACCOUNTANCY LTD
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C & B Accounting Solutions Ltd
All aspects of bookkeeping, payroll & accounting undertaken
Harris Rosenberg Chartered Accountants
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PAYLESS ACCOUNTING & OUTSOURCING LIMITED
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Clarity Accountants
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GORILLA ACCOUNTING LIMITED
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Holdsworth Accountancy
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Cheaper Accountant
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Athena Bookkeeping Services
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BROOKSON LIMITED
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MJF ACCOUNTANCY LIMITED
Oakes Accounting
Oakes Accounting specializes in providing tailor made accounting services, including bookkeeping, VAT and self assessment to small businesses.
Sambhav Management Limited
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Frequently asked questions
What is the difference between creditors voluntary liquidation and compulsory liquidation in Lancaster?
Creditors voluntary liquidation (CVL) is initiated by the directors and shareholders of a solvent or insolvent company when they decide to close the business. It involves a formal meeting with creditors and is managed by a licensed liquidator. Compulsory liquidation, on the other hand, is a court-ordered process usually started by a creditor who petitions the court to wind up the company due to unpaid debts. In Lancaster, a CVL gives directors more control over the process and often results in a smoother asset realisation, while compulsory liquidation is more adversarial and can lead to director investigations.
Can a company in Lancaster trade while being liquidated?
No, once a company enters liquidation, the appointed liquidator takes control of the business and its assets. The directors' powers cease, and trading is only allowed if the liquidator decides it is necessary to preserve asset value or complete existing contracts. In practice, for a creditors voluntary liquidation, trading usually stops immediately after the resolution to wind up is passed. The liquidator will then focus on selling assets, settling creditor claims, and closing the company. If you wish to continue trading, you should consider alternatives like administration or a company voluntary arrangement.
How much do company liquidators in Lancaster charge?
The cost of liquidation varies based on the complexity of the case, the size of the company, and the number of assets and creditors. In Lancaster, most licensed insolvency practitioners charge a fixed fee for a standard creditors voluntary liquidation, which typically ranges from £4,000 to £8,000 plus VAT, but this can be higher for larger companies. The fee is paid from the company's assets before any distribution to creditors. For compulsory liquidation, the court fees and the official receiver's costs are covered by the petitioning creditor initially, but they may be recovered from the company's assets. Always request a detailed quote upfront.
What happens to company directors after liquidation in Lancaster?
After liquidation, directors are released from their duties, but they still have legal obligations to cooperate with the liquidator. They must provide all company records, accounts, and information about assets and liabilities. If directors have acted improperly, such as trading while insolvent, concealing assets, or failing to keep proper records, they may face personal liability, disqualification, or even criminal prosecution. However, in a straightforward CVL where directors have acted responsibly, they are usually not held personally liable, and the liquidation process ends with the company being dissolved.
Can I liquidate a company with no assets in Lancaster?
Yes, it is possible to liquidate a company with no assets, but it is often more cost-effective to use a process called dissolution or striking off, if the company has no debts and is solvent. If the company is insolvent with no assets, a creditors voluntary liquidation may still be necessary to formally close the business and protect directors from claims. In such cases, the liquidator's fees may need to be funded by the directors or shareholders, as there are no company assets to cover costs. Some insolvency practitioners offer a 'no asset' liquidation service for a reduced fee, but you should confirm all costs in advance.
How long does the liquidation process take in Lancaster?
The duration of liquidation depends on the complexity of the company's affairs. A straightforward creditors voluntary liquidation can be completed in as little as 6 to 9 months, but the final dissolution of the company may take up to a year. Compulsory liquidation can take longer, especially if there are disputes or investigations. The liquidator must file final accounts and a report with Companies House and HMRC, and the company is formally dissolved after the final meeting of creditors. If assets are sold quickly and there are no legal challenges, the process is faster. Your liquidator will provide a timeline based on your specific situation.
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