ACCOTAX - Accountants & Tax Consultants
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Bell Stanley Accountants
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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
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DEAD SIMPLE ACCOUNTING LTD
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Turner Barratt
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R Albert Accountancy Ltd
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QUENTELA ACCOUNTING LIMITED
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The Bean Counters Accountants LLP
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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a Members' Voluntary Liquidation (MVL)?
A Creditors' Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts. It is initiated by directors who then pass control to a licensed insolvency practitioner (IP), who acts in the interests of creditors. An MVL is for solvent companies, where directors swear a declaration of solvency. The IP then distributes assets and surplus cash to shareholders in a tax-efficient way, typically for those who no longer need the company.
How much does a company liquidation cost in Plymouth?
The cost of liquidation in Plymouth varies based on the complexity of the case, the size of the company, and the number of creditors. For a CVL, fees are often taken from the company's assets, but if there are no assets, directors may need to fund the process. We offer fixed-fee arrangements for straightforward cases and provide a transparent quote after an initial free consultation. Our fees are always agreed in advance.
What are the legal duties of directors when a company is insolvent?
Directors of an insolvent company must prioritise the interests of creditors over those of shareholders. They must not take on new credit they cannot repay, and they must avoid wrongful trading, which means continuing to trade when they know the company cannot avoid insolvency. Directors are also responsible for keeping proper accounting records. Seeking professional advice early can help avoid personal liability.
Can I keep my job and run the company during liquidation?
Once a liquidator is appointed, they take control of the company and its assets. As a director, your powers cease, but you may be retained to assist the liquidator in realising assets or providing information. You cannot continue to trade the business without the liquidator's permission. However, you may be able to buy back assets or the business itself in a pre-pack sale, subject to strict regulations.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order. Employees who are owed wages, holiday pay, or redundancy pay can claim these from the National Insurance Fund via the Redundancy Payments Service. The liquidator will provide each employee with the necessary claim forms (form RP1) and guide them through the process.
How long does the liquidation process take in Plymouth?
The initial appointment of a liquidator can happen within days of a meeting being held. However, the full liquidation process, including realising assets, settling creditor claims, and final dissolution, typically takes between 6 to 12 months. Complex cases with large asset bases or disputed claims can take longer. We aim to complete the process as efficiently as possible while ensuring legal compliance.
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