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 Northamptonshire?
A company liquidator is a licensed insolvency practitioner who manages the closing down of a company. Their role includes selling company assets, settling debts with creditors, distributing any remaining funds to shareholders, and ensuring all legal and statutory requirements are met. In Northamptonshire, we provide local expertise and hands-on support throughout the entire liquidation process.
How much does company liquidation cost in Northamptonshire?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a Creditors' Voluntary Liquidation (CVL), fees are typically based on a fixed fee or a percentage of asset realisations. We offer transparent pricing with no hidden costs, and we provide a free initial consultation to give you an accurate quote before you commit.
What is the difference between solvent and insolvent liquidation?
Solvent liquidation, known as Members' Voluntary Liquidation (MVL), is used when a company is financially healthy and can pay all debts within 12 months. It is often used for tax efficiency when closing a business. Insolvent liquidation, typically a Creditors' Voluntary Liquidation (CVL), is for companies that cannot pay their debts. In a CVL, creditors are paid from asset sales, and any shortfall is written off. Our Northamptonshire liquidators will help you determine the correct procedure for your situation.
Can I keep trading after I appoint a liquidator in Northamptonshire?
Once a liquidator is appointed, the director's powers cease, and the liquidator takes control of the company's affairs. However, the liquidator may allow the company to continue trading for a short period to complete work-in-progress, sell assets, or maximise value for creditors. This is done under strict supervision to avoid wrongful trading. We advise directors to seek professional advice before making any decisions.
What are the legal duties of a director when a company is insolvent in Northamptonshire?
Directors of an insolvent company have a legal duty to act in the best interests of creditors, not just shareholders. This includes avoiding wrongful trading, not taking on new credit when you know the company cannot repay it, and keeping proper financial records. Failing to meet these duties can lead to personal liability, disqualification, or even criminal charges. Our liquidators can help you navigate these obligations safely.
How long does the liquidation process take in Northamptonshire?
The duration of a liquidation depends on the company's size and complexity. A straightforward Creditors' Voluntary Liquidation (CVL) can be completed in as little as 6 to 9 months, while more complex cases involving asset recovery or legal disputes may take longer. Members' Voluntary Liquidation (MVL) often completes in a similar timeframe. We provide a clear timeline at the outset and keep you informed at every stage.
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