ACCOTAX - Accountants & Tax Consultants
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BLUEBIRD ACCOUNTANCY LIMITED
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MARK SASTA & ASSOCIATES
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MAKESWORTH LIMITED
Makesworth
Accountants is an award-winning accountancy practice of Chartered
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MADE SIMPLE GROUP LIMITED
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GOFORMA LIMITED
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TIDE PLATFORM LTD
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Reckonwell Finance
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Persona Finance
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THEFORMATIONSCOMPANY.COM LIMITED
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1ST FORMATIONS LIMITED
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KAAB
BUSINESS ADVISORY-Would you like to see how i can help to improve your profit, your cashflow and the value of your business value?
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TaxPert Solutions Limited Certified Public Accountants
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@UKPLC
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Frequently asked questions
What is the difference between voluntary and compulsory liquidation in New Barnet?
Voluntary liquidation is initiated by the company's directors or shareholders, often when the company is solvent but no longer needed (Members' Voluntary Liquidation) or when it is insolvent (Creditors' Voluntary Liquidation). Compulsory liquidation is a court-ordered process, usually triggered by a creditor petition, when the company cannot pay its debts. Our liquidators in New Barnet can advise which route is appropriate for your situation.
How much do company liquidators in New Barnet charge for their services?
Fees vary depending on the complexity of the liquidation, the size of the company, and the amount of work required. Typically, liquidators charge either a fixed fee for straightforward solvent liquidations or a percentage of the assets realised for insolvent cases. We provide a transparent, no-obligation quote before any work begins, ensuring you know all costs upfront.
Can a company in New Barnet continue trading during the liquidation process?
In most cases, once a formal liquidation process begins, the directors' powers cease, and the appointed liquidator takes control of the company's affairs. However, in certain circumstances, such as during a Company Voluntary Arrangement (CVA), the company may continue trading under supervision. Our experts will explain the specific rules that apply to your case.
What are the legal duties of directors when their company is insolvent in New Barnet?
Directors have a legal duty to act in the best interests of creditors once they know the company is insolvent. This includes avoiding wrongful trading, keeping accurate financial records, and not preferring certain creditors over others. Failure to comply can result in personal liability. Our liquidators can help you understand and fulfil these obligations to minimise risks.
How long does a company liquidation take in New Barnet?
A solvent Members' Voluntary Liquidation can often be completed in 6 to 12 months, while a Creditors' Voluntary Liquidation may take longer, typically 12 to 18 months, depending on the complexity of asset realisation and creditor negotiations. Compulsory liquidation timelines vary based on court schedules and the case's intricacies. We will provide a realistic timeline after reviewing your company's financial position.
Can I claim redundancy if my company is liquidated in New Barnet?
Yes, employees who are made redundant due to company liquidation may be eligible to claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund. Our liquidators can provide the necessary forms (RP1, RP2) and guide you through the claims process, ensuring you receive all the entitlements you are owed.
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