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Argents Chartered Accountants
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GO 2 Girl Limited
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Virtue Accountants Ltd
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Bird & Co
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Additions Accountancy
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AWS ACCOUNTANTS (LONDON) LLP
John Lavender accounting ltd
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MQPLUS LTD
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KUBED SOLUTIONS LIMITED
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Ahmed-Cliffords Ltd
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Frequently asked questions
What does a company liquidator in Norwich do?
A company liquidator in Norwich is a licensed insolvency practitioner who manages the process of closing down a company. Their duties include realising company assets, settling outstanding debts with creditors, distributing any remaining funds to shareholders, and ensuring all legal and statutory requirements are met. They also investigate the company's affairs and report to creditors and the relevant authorities.
How much does company liquidation cost in Norwich?
The cost of company liquidation in Norwich 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 £6,000 plus VAT, but many firms offer fixed fees or payment plans. Members' Voluntary Liquidation (MVL) for solvent companies may cost between £2,000 and £4,000. Always request a detailed quote before proceeding.
What is the difference between CVL and MVL?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts. The directors voluntarily appoint a liquidator to wind up the company in an orderly way. A Members' Voluntary Liquidation (MVL) is used for solvent companies, where directors and shareholders decide to close the business for reasons such as retirement or restructuring. In an MVL, the company can pay all its debts in full, and the liquidator distributes surplus assets to shareholders.
How long does the liquidation process take in Norwich?
The duration of a liquidation in Norwich depends on the type and complexity. A Creditors' Voluntary Liquidation (CVL) typically takes between 6 to 12 months to complete, as the liquidator must collect assets, investigate affairs, and distribute funds to creditors. A Members' Voluntary Liquidation (MVL) can often be completed in 3 to 6 months if the company's financial affairs are straightforward. However, cases with complex asset structures or legal disputes may take longer.
Can I keep trading after appointing a liquidator?
No, once a liquidator is appointed, they take control of the company, and directors lose their powers to trade or make decisions. The liquidator's role is to wind down the business, not to continue operations. However, in some cases, the liquidator may continue trading for a short period to sell stock or complete existing contracts, but this is done under their supervision and solely to maximise asset value for creditors.
What are the signs that my company needs liquidation?
Common signs that your company may need liquidation include persistent cash flow problems, inability to pay debts as they fall due, creditor pressure such as winding-up petitions or statutory demands, loss of key contracts or clients, and insolvency on the balance sheet. If you are unsure, it is advisable to seek professional advice from a licensed insolvency practitioner in Norwich as soon as possible to explore all available options.
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