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 role of a company liquidator in Merseyside?
A company liquidator in Merseyside is a licensed insolvency practitioner who is appointed to wind up a company's affairs. Their role is to realise the company's assets, settle outstanding debts with creditors in the correct legal order, investigate the company's conduct, and ultimately dissolve the company from the Companies House register. They act impartially and are legally bound to act in the best interests of all creditors.
When should a Merseyside company consider liquidation?
A company should consider liquidation when it is insolvent, meaning it cannot pay its debts as they fall due, or its liabilities exceed its assets. Common signs include mounting creditor pressure, winding-up petitions, county court judgments, and an inability to pay HMRC or staff. Directors should seek advice immediately if they suspect insolvency, as delaying can lead to personal liability for wrongful trading.
What is the difference between CVL and compulsory liquidation?
Creditors' Voluntary Liquidation (CVL) is a voluntary process initiated by the directors and shareholders of an insolvent company. The directors pass a resolution to wind up the company, and a liquidator is appointed by the shareholders and confirmed by creditors. Compulsory liquidation is a court-ordered process, typically initiated by a creditor who issues a winding-up petition against the company. A CVL gives directors more control and is generally less costly and stressful.
Will I be personally liable for company debts after liquidation in Merseyside?
In most cases, no. The primary benefit of a limited company is limited liability, meaning you are not personally responsible for the company's debts unless you have provided personal guarantees, acted fraudulently, or traded while knowing the company was insolvent (wrongful trading). A licensed liquidator will investigate your conduct, but if you have acted responsibly, you will not be held personally liable.
How much does it cost to appoint a liquidator in Merseyside?
The cost of liquidation in Merseyside varies depending on the complexity of the case, the size of the company, and the number of assets and creditors. Our firm offers a fixed-fee quotation for straightforward CVLs, which typically covers the liquidator's professional fees and statutory disbursements. We always provide a transparent, no-obligation quote before you decide to proceed.
Can I continue trading after I have started liquidation proceedings?
Once a company enters Creditors' Voluntary Liquidation, the directors' powers cease, and the liquidator takes control of the company. You cannot continue trading in the normal sense, but the liquidator may allow the company to trade for a short period if it is necessary to achieve a better result for creditors, such as completing a contract or selling stock. Any trading after the decision to liquidate must be done with the liquidator's consent.
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