ACCOTAX - Accountants & Tax Consultants
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Woody's Payroll & Bookkeeping Services
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Bell Stanley Accountants
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MARLIS BOOKKEEPING & ACCOUNTANCY
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Williamslester Brilliant Accounting Services
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Purnells - Licensed Insolvency Practitioners
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Kings Oak Accountancy
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KINGS OAK ACCOUNTANCY (SOMERSET) LTD
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HUBBLE ACCOUNTANCY LTD
This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
TKI Bookkeeping & Accounts
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SG CONTRACTOR ACCOUNTING LIMITED
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Modus Accountants Limited
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DEAD SIMPLE ACCOUNTING LTD
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Turner Barratt
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QUENTELA ACCOUNTING LIMITED
Quentela Accounting is a family run accountancy practise based in Wokingham, Berkshire. We are a small business but with an emphasis on BIG commitment...See More
Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL) and how does it work in Okehampton?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. It is initiated by the directors, who pass a resolution to wind up the company. A licensed insolvency practitioner is then appointed as liquidator. The liquidator takes control of the company's assets, sells them, and distributes the proceeds to creditors in a statutory order. In Okehampton, our team handles the entire CVL process, including calling a creditors' meeting, preparing the statement of affairs, and managing all legal filings. This process typically concludes within 6 to 12 months, after which the company is dissolved.
What are the responsibilities of a company director during liquidation in Okehampton?
During liquidation, directors have specific duties to cooperate with the liquidator. You must provide all company books, records, and financial information. You are required to attend meetings with the liquidator and answer questions about the company's affairs. Directors must also assist in preparing the statement of affairs, which lists assets and liabilities. It is crucial to be transparent about any transactions made prior to liquidation, as the liquidator will review for preferences or transactions at undervalue. Failure to cooperate can lead to personal liability, disqualification, or even criminal penalties. Our team guides you through these responsibilities to ensure compliance.
How much does company liquidation cost in Okehampton?
The cost of company liquidation varies based on the complexity of the case, the size of the company, and the number of assets and creditors. Typically, fees for a Creditors Voluntary Liquidation range from £3,000 to £8,000 plus VAT. These fees are paid from the company's assets before creditors receive any distribution. If there are no assets, directors may need to fund the liquidation personally. Our fees are transparent and agreed upon before you appoint us. We provide a fixed-fee quote after an initial free assessment, ensuring no hidden costs. We also offer payment plans in some circumstances.
Can I continue trading if my company is in financial difficulty in Okehampton?
If your company is insolvent, you must be very careful about continuing to trade. Trading while insolvent can lead to wrongful trading claims, making directors personally liable for debts incurred during that period. However, there may be a legitimate reason to continue trading temporarily, such as completing a contract that will generate funds for creditors. This requires immediate professional advice. Our insolvency practitioners can assess your situation and advise whether trading is viable. We can help you implement a structured plan, such as a Company Voluntary Arrangement (CVA), to rescue the business, or guide you towards liquidation if that is the only option.
What is the difference between compulsory liquidation and voluntary liquidation?
Compulsory liquidation is a court-ordered winding-up, usually initiated by a creditor who petitions the court because the company owes them money and has not paid. This process is often the result of a statutory demand or a winding-up petition. Voluntary liquidation is initiated by the company's directors or shareholders. It includes Members' Voluntary Liquidation (MVL) for solvent companies and Creditors' Voluntary Liquidation (CVL) for insolvent companies. In Okehampton, we primarily assist with CVLs, which are more common for distressed businesses. Compulsory liquidation can be more costly and less controlled, so it is often better to act voluntarily before a creditor forces action.
What happens to employees when a company is liquidated in Okehampton?
When a company enters liquidation, employees are automatically dismissed from the date the liquidation order is made or the resolution is passed. The liquidator then becomes responsible for paying employees' statutory entitlements, including unpaid wages, holiday pay, and redundancy pay. These payments are preferential debts and are paid before unsecured creditors. Employees can also claim from the National Insurance Fund (via the Redundancy Payments Service) if the company lacks sufficient assets. Our team ensures that employees are treated fairly and that all claims are processed correctly. We provide clear communication to staff about their rights and the next steps during this difficult time.
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