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 Rossendale?
A company liquidator in Rossendale is a licensed insolvency practitioner who manages the winding up of a company's affairs. Their role includes realising the company's assets, distributing the proceeds to creditors in the correct statutory order, investigating the directors' conduct, and ensuring all legal requirements are met. They also handle employee redundancies and final accounts, and they work to achieve the best possible return for creditors while providing a professional and impartial service to all parties involved.
How much does it cost to appoint a liquidator for a Rossendale company?
The cost of liquidation varies depending on the complexity of the case, the size of the company, and the number of assets and creditors. For a Creditors Voluntary Liquidation (CVL), typical fees range from £3,000 to £7,000 plus VAT, but many firms offer a fixed fee or a payment plan. In some cases, the liquidator's fees can be paid from the company's assets if sufficient funds exist. Always obtain a clear written quotation before proceeding, and ask about any additional costs such as disbursements or statutory advertising fees.
What is the difference between a CVL and an MVL?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts as they fall due. The directors call a meeting of shareholders and creditors to place the company into liquidation. A Members Voluntary Liquidation (MVL) is used for a solvent company, where the directors can make a statutory declaration of solvency. In an MVL, the company's assets are distributed to shareholders after all debts are paid, which can be tax-efficient. Our Rossendale liquidators can advise which process is appropriate for your situation.
Can I keep trading if my company is in liquidation?
Once a company enters liquidation, the liquidator takes control and trading must cease immediately, except for the limited purpose of completing contracts or selling stock. Continuing to trade while insolvent can lead to personal liability for wrongful trading. If you are still trading and facing financial difficulties, it is essential to seek professional advice before a formal liquidation begins. Our team can help you assess options like administration or a company voluntary arrangement (CVA) to potentially keep the business operating.
What happens to employees when a company in Rossendale is liquidated?
When a company enters liquidation, employees are automatically dismissed from the date the winding-up order is made or the resolution is passed. The liquidator will issue redundancy notices and provide claims forms for statutory redundancy pay, unpaid wages, holiday pay, and notice pay. These claims are made to the National Insurance Fund (via the Redundancy Payments Service) as preferential creditors. Our liquidators guide employees through this process and ensure they receive their full entitlements as quickly as possible.
How long does a company liquidation take in Rossendale?
The length of a liquidation depends on the complexity of the company's affairs. A straightforward Creditors Voluntary Liquidation (CVL) can often be completed within 6 to 12 months, while a Members Voluntary Liquidation (MVL) may take a similar time. However, if there are complex asset realisations, legal disputes, or investigations, the process can take longer. The liquidator must also wait for the prescribed period for creditors to submit claims. Our team aims to conclude cases efficiently while ensuring full compliance with insolvency law.
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