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 North Wales?
A company liquidator is a licensed insolvency practitioner who manages the closure of a company. Their role involves realising the company's assets, distributing the proceeds to creditors in the correct order of priority, investigating the directors' conduct, and ensuring all legal and statutory requirements are met. In North Wales, they handle both insolvent liquidations (CVL) and solvent closures (MVL), providing a structured process to wind up the business affairs.
How much does it cost to appoint a liquidator in North Wales?
The cost varies depending on the complexity of the case and the size of the company. For a Creditors Voluntary Liquidation (CVL), fees are typically based on the realisation of assets and the time spent on the case. Many liquidators in North Wales offer a fixed fee for straightforward CVLs. It is essential to obtain a written quotation before appointing a liquidator, and you should be aware that fees are paid from the company's assets, not personally by the directors.
What is the difference between a CVL and an MVL?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. An MVL (Members Voluntary Liquidation) is used when a company is solvent and directors want to close it down. In an MVL, the liquidator distributes the surplus assets to shareholders after paying all debts. The key difference is solvency; a CVL is for insolvent companies, while an MVL is for solvent ones.
Can I still trade if my company is in liquidation?
Once a liquidator is appointed, the directors' powers cease, and the liquidator takes control of the company. The company cannot continue trading in the normal course of business. However, the liquidator may continue trading for a short period if it is necessary to complete work in progress or sell the business as a going concern. You must not trade after the winding-up order is made without the liquidator's permission.
What are the legal duties of directors during a liquidation process?
Directors have a legal duty to cooperate fully with the liquidator. This includes providing all company books, records, and accounts, explaining any transactions, and attending meetings if required. Directors must also avoid wrongful trading, which means they should not continue incurring debts when they know the company cannot pay them. Failure to cooperate can lead to personal liability, disqualification, or even criminal prosecution.
How long does a company liquidation take in North Wales?
A Creditors Voluntary Liquidation (CVL) typically takes between 6 to 12 months to complete, depending on the complexity of the asset realisation and any investigations required. A Members Voluntary Liquidation (MVL) can often be completed more quickly, sometimes within 3 to 6 months. The process concludes when the liquidator files the final accounts with Companies House and the company is formally dissolved.
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