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Ashden Accountants
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John Lavender accounting ltd
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TAA CONSULTANTS LTD
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SJD ACCOUNTANCY LIMITED
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Numerii Ltd
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MARK SASTA & ASSOCIATES
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MAKESWORTH LIMITED
Makesworth
Accountants is an award-winning accountancy practice of Chartered
Certified Accountants tax and business advisors. We a...
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MINT FORMATIONS LTD
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Bird & Co
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Yourtaxhelp
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Taxeasy Ltd
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Frequently asked questions
What is the role of a company liquidator in Shefford?
A company liquidator is a licensed insolvency practitioner who manages the winding-up process of a company. Their role involves realising the company's assets, settling creditor claims, investigating the directors' conduct, and ensuring the company is formally dissolved. They act in the best interests of creditors and ensure compliance with the Insolvency Act 1986.
How much does it cost to liquidate a company in Shefford?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a Creditors Voluntary Liquidation (CVL), fees are typically taken from the company's assets. We provide a transparent fee structure and will discuss all costs upfront during your free consultation, ensuring no hidden charges.
What is the difference between CVL and MVL?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where liabilities exceed assets. A Members Voluntary Liquidation (MVL) is for solvent companies that wish to close, often for tax efficiency. In an MVL, the directors make a statutory declaration of solvency, and the liquidator distributes surplus assets to shareholders. Our experts will advise which route is appropriate for your situation.
Can I continue to trade after appointing a liquidator?
No, once a liquidator is appointed, they take control of the company, and directors' powers cease. However, the liquidator may continue trading for a short period if it is necessary to achieve a better outcome for creditors, such as completing work in progress or selling assets as a going concern. This is done under the liquidator's authority.
What happens to employees when a company goes into liquidation?
Employees are automatically dismissed upon the liquidation order being made. The liquidator will provide the necessary documentation for employees to claim redundancy pay, unpaid wages, holiday pay, and other entitlements from the National Insurance Fund (via the Redundancy Payments Service). The liquidator will also assist with any preferential claims.
What are the legal duties of directors during liquidation?
Directors have a duty to cooperate fully with the liquidator, provide all company records and accounts, and disclose any transactions that may be considered wrongful trading or preferences. Failure to comply can result in personal liability, disqualification, or even criminal prosecution. Seeking professional advice early can help directors avoid these risks.
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