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 does a company liquidator do in North Maidenhead?
A company liquidator in North Maidenhead is a licensed insolvency practitioner who takes control of a company that is being wound up. Their role is to sell company assets, settle outstanding debts with creditors in the correct legal order, investigate the company's affairs, and distribute any remaining funds to shareholders. They also ensure compliance with the Insolvency Act and Companies House requirements, and they handle employee redundancies and final accounts.
When should I consider appointing a liquidator for my Maidenhead company?
You should consider appointing a liquidator when your company is insolvent, meaning it cannot pay its debts as they fall due, and there is no realistic prospect of recovery. Common triggers include mounting creditor pressure, a winding-up petition, HMRC enforcement, or the loss of a key contract. If you are a director, seeking professional advice early is essential to avoid personal liability for wrongful trading or other director duties.
What is the difference between a Creditors' Voluntary Liquidation (CVL) and compulsory liquidation?
A Creditors' Voluntary Liquidation (CVL) is a voluntary procedure initiated by the company's directors and shareholders when they decide the company cannot continue trading. It is the most common type of liquidation for insolvent companies and allows directors to appoint a liquidator of their choice. Compulsory liquidation is a court-ordered winding-up, usually triggered by a creditor petition, which removes control from the directors and often results in more costly and less predictable outcomes.
Can a liquidator help if I have personal guarantees on business loans?
Yes, a liquidator can provide guidance on personal guarantees, but they cannot automatically remove your liability. If you have signed a personal guarantee, the creditor can pursue you personally for the outstanding amount after liquidation. However, our advisors can help you negotiate with creditors, explore options like a Company Voluntary Arrangement (CVA) or individual voluntary arrangement (IVA), and assess the best strategy to minimise your personal exposure and protect your assets.
What are the costs of appointing a company liquidator in North Maidenhead?
Liquidation costs in North Maidenhead vary depending on the complexity of the company's affairs, asset values, and creditor structure. For a Creditors' Voluntary Liquidation, our fees are typically fixed and agreed upfront, often ranging from £3,000 to £6,000 plus VAT, with the liquidator's fee paid from company assets. If assets are insufficient, directors may need to contribute to cover costs. We always provide a clear, written quotation before you commit.
What happens to employees when a company is liquidated?
When a company enters liquidation, all employees are automatically dismissed from the date the winding-up order is made or the resolution is passed. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay. These payments may be recoverable from the National Insurance Fund (via the Redundancy Payments Service) if the company lacks sufficient assets. The liquidator will provide each employee with the necessary forms to claim.
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