ACCOTAX - Accountants & Tax Consultants
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SG CONTRACTOR ACCOUNTING LIMITED
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Purnells - Licensed Insolvency Practitioners
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DEAD SIMPLE ACCOUNTING LTD
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Turner Barratt
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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.
Modus Accountants Limited
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TITUS ACCOUNTS LTD
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DIrect Assist accountants Ltd
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EXPEDIENT ACCOUNTANCY
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Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a Members' Voluntary Liquidation (MVL)?
A CVL is used for insolvent companies where the directors believe the company cannot pay its debts. It is initiated by the shareholders but involves a meeting of creditors to approve the liquidation. An MVL is for solvent companies that wish to close voluntarily, typically for tax efficiency or retirement. In an MVL, directors must swear a statutory declaration of solvency, and the process is controlled by shareholders, with creditors being paid in full.
How much does company liquidation cost in Salisbury?
The cost of liquidation varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a simple CVL, fees typically start from around £3,000 to £5,000 plus VAT, but this can increase if there are complex asset structures or multiple creditors. We provide a fixed-fee quote after a free initial consultation, so you know exactly what to expect with no hidden costs.
Can I keep my business assets if my company goes into liquidation?
In most cases, once a company enters liquidation, the liquidator takes control of all company assets to sell them for the benefit of creditors. However, you may be able to buy back certain assets, such as vehicles or equipment, at market value. This must be arranged with the liquidator and is subject to approval to ensure fairness to creditors. We can advise you on the best approach for your specific assets.
What are the legal responsibilities of directors during a liquidation?
Directors have a legal duty to act in the best interests of creditors once the company becomes insolvent. During liquidation, you must cooperate fully with the liquidator, provide all necessary books and records, and disclose any transactions made in the lead-up to insolvency. Failure to comply can result in personal liability for debts, disqualification as a director, or even criminal penalties. Our team will guide you through your obligations to protect your position.
How long does a company liquidation take in Salisbury?
A Creditors' Voluntary Liquidation typically takes between 6 and 12 months to complete, depending on the complexity of the case and the speed at which assets are sold. A Members' Voluntary Liquidation can be completed more quickly, often within 6 to 9 months. Compulsory liquidations may take longer due to court processes. We aim to expedite the process while ensuring full compliance with legal requirements.
What happens to employees if my company goes into liquidation?
Employees are considered preferential creditors in a liquidation. When a company enters liquidation, all employees are automatically made redundant. They may be entitled to claim unpaid wages, holiday pay, and redundancy pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator will provide the necessary documentation to help employees make these claims. We also advise directors on their own employment status and any claims they may have.
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