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 N Wales?
A company liquidator in N Wales is a licensed insolvency practitioner who manages the winding-up process of a company. Their role includes realising company assets, settling creditor claims, investigating director conduct, and ensuring legal compliance. They act in the best interests of creditors and shareholders, providing professional guidance throughout the liquidation process.
How much does company liquidation cost in N Wales?
The cost of company liquidation in N Wales varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a creditors voluntary liquidation (CVL), fees typically range from £3,000 to £7,000 plus VAT, but this can be higher for complex cases. We always provide a clear, fixed-fee quote before you commit, ensuring no hidden costs.
What is the difference between CVL and MVL?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies, where liabilities exceed assets. An MVL (Members Voluntary Liquidation) is for solvent companies, where directors can declare solvency and distribute surplus assets. The process differs significantly, so it is crucial to get the right advice from a licensed liquidator in N Wales.
Can a director be held personally liable for company debts?
Yes, in certain circumstances. If a director continues trading while insolvent, they may be liable for wrongful trading. Also, if they misuse company funds or assets, they can be personally liable. Using a company liquidator early can help mitigate these risks, as they can guide you on your legal duties and protect you from personal claims.
How long does the liquidation process take in N Wales?
The length of the liquidation process varies. A simple CVL can be completed in 6-12 months, but complex cases with asset realisation or legal disputes may take longer. The liquidator must finalise all claims, sell assets, and distribute funds. We aim to streamline the process as much as possible while ensuring full legal compliance.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are automatically made redundant. The liquidator will assist employees in claiming redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. They also provide necessary documentation for claims. Our team ensures employees are treated fairly and informed throughout the process.
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