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 difference between voluntary and compulsory liquidation?
Voluntary liquidation is initiated by the company's directors or shareholders when they decide to close the business, either because it is solvent (members' voluntary liquidation) or insolvent (creditors' voluntary liquidation). Compulsory liquidation is ordered by a court, usually following a creditor's application, when the company cannot pay its debts. Our liquidators in Lauderdale can guide you through both processes, ensuring compliance with all legal requirements.
How long does the company liquidation process take in Lauderdale?
The duration varies depending on the complexity of the company's affairs. A straightforward voluntary liquidation can be completed in as little as three to six months, while more complex cases involving asset sales, legal disputes, or numerous creditors may take a year or more. Our team works efficiently to resolve matters promptly while adhering to statutory timeframes.
What happens to employee entitlements during liquidation?
Employee entitlements, including unpaid wages, annual leave, and redundancy pay, are given priority in the liquidation process. The liquidator will assess and distribute available funds according to the legal hierarchy of creditors. In many cases, employees may also be eligible for the Fair Entitlements Guarantee (FEG) scheme, which provides financial assistance for certain unpaid entitlements if the company cannot pay them.
Can a director be held personally liable for company debts during liquidation?
Directors can be held personally liable if they have engaged insolvent trading, meaning they allowed the company to incur debts while knowing it was insolvent. Liquidators in Lauderdale investigate director conduct and may take legal action to recover funds for creditors. However, directors who act in good faith and seek professional advice early can often avoid personal liability.
What are the costs involved in hiring a company liquidator?
The costs depend on the size and complexity of the company, the amount of work required, and the assets available. Liquidators are typically paid from the company's assets, but if there are insufficient assets, creditors or directors may need to fund the liquidation. We provide transparent fee structures and detailed estimates before commencing any work, ensuring you understand all costs upfront.
Can a company continue trading after appointing a liquidator?
Once a liquidator is appointed, the company's directors lose control, and the liquidator takes over management. The company may continue trading only if the liquidator deems it necessary to preserve asset value or complete unfinished contracts. In most cases, trading ceases immediately, and the liquidator focuses on realizing assets and distributing proceeds to creditors.
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