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 a company liquidator and when do I need one in Pontypridd?
A company liquidator is a licensed insolvency practitioner who winds up a company's affairs, sells its assets and distributes proceeds to creditors. You need one when your company is insolvent (cannot pay debts as they fall due) and you wish to close it formally, often through Creditors Voluntary Liquidation (CVL). In Pontypridd, we also assist when a winding-up petition has been presented.
What are the costs of company liquidation in Pontypridd?
Costs vary depending on company size, asset complexity and creditor numbers. Typically, a straightforward CVL costs between £4,000 and £8,000 plus VAT and disbursements. We provide fixed-fee quotes before starting any work, with no hidden charges. Directors may also be able to claim redundancy payments if they were employed under a PAYE scheme.
Can I continue trading after my company enters liquidation?
No, once a winding-up order is made or a CVL is approved, the liquidator takes control of the company and trading must cease immediately, except in very limited circumstances where the liquidator allows trading to complete work in progress. Continuing to trade while insolvent can lead to personal liability for wrongful trading.
Will I be personally liable for company debts after liquidation?
Generally, no. Limited liability protects directors from personal responsibility for company debts, provided they have not given personal guarantees, acted fraudulently or traded wrongfully. However, any personal guarantees you signed for loans, leases or supplier credit will still be enforceable by creditors.
How long does the liquidation process take in Rhondda Cynon Taff?
The initial CVL meeting can be held within 2-3 weeks of instruction. The liquidation itself typically lasts 6-12 months, depending on asset realisation and creditor claims. Simple cases with no assets may be completed sooner. We provide regular updates throughout the process.
What happens to employees and their redundancy claims during liquidation?
Employees are made redundant on the date of liquidation. They can claim statutory redundancy pay, unpaid wages, holiday pay and notice pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator provides each employee with form RP1 and assists with the claims process.
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