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 a Creditors' Voluntary Liquidation (CVL) in Lytham St. Annes?
A CVL is a formal insolvency procedure initiated by the directors of a company that is insolvent (unable to pay its debts as they fall due). In Lytham St. Annes, a licensed insolvency practitioner (IP) will convene a meeting of shareholders and creditors to approve the liquidation. The IP then takes control of the company's assets, sells them, and distributes the proceeds to creditors in the legally prescribed order. This process provides a structured way to close the company and allows directors to move on, subject to their conduct being satisfactory.
How much does a company liquidation cost in Lytham St. Annes?
The cost of a CVL in Lytham St. Annes varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor engagement. Typically, fees are taken from the company's assets before any distribution to unsecured creditors. If there are insufficient assets, directors may need to fund the process personally, but this can be arranged on a fixed-fee basis. We always provide a transparent, no-obligation quote after an initial review of your company's financial position.
Can I continue trading if my company is insolvent in Lytham St. Annes?
Once a company is insolvent, directors have a legal duty to act in the best interests of creditors. Continuing to trade and incurring further credit could lead to personal liability for wrongful trading. However, in some cases, short-term trading may be allowed if it improves the outcome for creditors, for example, by completing a profitable contract. Our liquidators in Lytham St. Annes can assess your cash flow and advise on the legality of continued trading, helping you avoid personal risk.
What happens to employees if a company goes into liquidation in Lytham St. Annes?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made. They become preferential creditors for unpaid wages, holiday pay, and pension contributions. The liquidator will provide them with the necessary forms to claim redundancy payments and other entitlements from the National Insurance Fund (RPS). Our team ensures that all employee rights are handled correctly and that they understand the claims process.
Are there alternatives to liquidation for a struggling business in Lytham St. Annes?
Yes, liquidation is not always the only option. Alternatives include a Company Voluntary Arrangement (CVA), which allows a company to repay debts over a period while continuing to trade, or an Administration, which can protect the business while it is restructured or sold as a going concern. For smaller businesses, an informal arrangement with creditors or a solvent strike-off may be possible. We evaluate all options and recommend the most cost-effective and least disruptive solution for your circumstances.
Will I be personally liable for company debts after liquidation in Lytham St. Annes?
In most cases, directors are not personally liable for company debts, as the company is a separate legal entity. However, personal liability can arise if you have given personal guarantees for business loans or if you have been involved in fraudulent or wrongful trading. Our liquidators will investigate your conduct and advise you on any potential risks. We aim to ensure that you can achieve a clean break without unnecessary personal financial exposure.
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