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
Kings Oak Accountancy
Accountants based in Bristol, Bath & Somerset providing accounting and tax services to small and medium size owner-managed businesses. Our services in...See More
KINGS OAK ACCOUNTANCY (SOMERSET) LTD
We are a small firm of Accountants based in Somerset. Michael is a fellow of the Chartered Institute of Management Accounting with over 30 years expe...See More
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HUBBLE ACCOUNTANCY LTD
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TKI Bookkeeping & Accounts
Hello and welcome to my site, I am qualified by the The Institute of Certified Bookkeepers and have attained highest level qualification, Level 4 Dipl...See More
Purnells - Licensed Insolvency Practitioners
As insolvency practitioners we also specialise in interpreting the legislation set out in The Insolvency Act 1986, The Insolvency (England and Wale...
Williamslester Brilliant Accounting Services
Our range of services are provided by fully qualified and experienced staff who always monitor, advise and review both new and existing clients. This ...See More
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MARLIS BOOKKEEPING & ACCOUNTANCY
The team comprises of Marion and Lisa, a mother and daughter combination, who offe...
Financial Claims Consultants
Financial Claims Consultants offer No Win No Fee Pension Claims – we help clients&...
Woody's Payroll & Bookkeeping Services
Here at Woody's we have years of experience in providing a dedicated, professional and highly personal service to our clients. We offer a wide range o...See More
SG CONTRACTOR ACCOUNTING LIMITED
SG Accounting was established in 1995 to service the accountancy and taxation needs of professional contractors and freelancers. We are based in Winc...See More
Bell Stanley Accountants
Welcome to Bell Stanley Accountants page.
Modus Accountants Limited
Whether you are looking for advice, inspiration, accountancy services or all three, our integrated services will provide as much or as little su...See More
DEAD SIMPLE ACCOUNTING LTD
Dead Simple Accounting is an expert accounting firm based in Reading, Berkshire. We’ve been supporting the local business community in Reading with a ...See More
Turner Barratt
At Turner Barratt we believe that we have something unique to offer. Just Corporate Finance Turner Barratt are Chartered Accountants who are dedicate...See More
Accounting etc. limited
We are a small firm of Chartered Management Accountants dedicated to providing you with a high quality accountancy service and sound business advice a...See More
QUENTELA ACCOUNTING LIMITED
Quentela Accounting is a family run accountancy practise based in Wokingham, Berkshire. We are a small business but with an emphasis on BIG commitment...See More
ADD- WORTH ACCOUNTANCY LTD
Helping business owners make sense of their numbers. 30+ years of progressive finance and accounting experience in various industries. Offering expert...See More
The Bean Counters Accountants LLP
Established in 2011, The Bean Counters Accountants is a growing accounting firm in Maidenhead which specializes in cloud accounting and bookkeeping, p...See More
Frequently asked questions
What is the first step to liquidate a company in Shepton Mallet?
The first step is to contact a licensed insolvency practitioner for a confidential consultation. We will review your company's financial position, including debts, assets, and cash flow, to determine if liquidation is the right option. We will then explain the process, costs, and implications for you as a director, and if you proceed, we will convene a meeting of shareholders and creditors to formally approve the liquidation.
How much does company liquidation cost in Shepton Mallet?
The cost of a Creditors Voluntary Liquidation (CVL) varies depending on the complexity of the company's affairs, but typical fees range from £3,000 to £6,000 plus VAT and disbursements. The fee is paid from the company's assets, not from your personal funds. If the company has no assets, we can discuss alternative funding options, such as a director-funded liquidation, where you may be able to claim the cost against your personal tax liability.
Can I liquidate a company with no assets in Shepton Mallet?
Yes, you can liquidate a company with no assets. This is often called a 'no-asset CVL'. In such cases, the liquidation fees are typically funded by the directors personally, but those costs may be tax-deductible as a capital loss. We will guide you through the process, ensuring that all statutory requirements are met and that you are not left with any outstanding liabilities that could affect your future.
What happens to employees when a company is liquidated in Shepton Mallet?
When a company enters liquidation, all employees are automatically made redundant. The liquidator will terminate their contracts and ensure they receive their statutory redundancy pay, notice pay, and any unpaid wages or holiday pay. These payments are made from the National Insurance Fund (via the Redundancy Payments Service) if the company cannot afford to pay them. The liquidator will provide employees with the necessary forms and guidance.
What is the difference between a CVL and a Members' Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where the company cannot pay its debts. A Members' Voluntary Liquidation (MVL) is used for solvent companies that wish to close down, often for tax efficiency. In an MVL, the directors must swear a statutory declaration of solvency, stating the company can pay its debts in full within 12 months. The process is different, and the liquidator's role is to distribute assets to shareholders after settling all liabilities.
Will I be personally liable for company debts after liquidation in Shepton Mallet?
Generally, no. Once a company enters liquidation, the company's debts are written off, and directors are not personally liable for them, provided they have acted lawfully and have not given personal guarantees. However, if you have given a personal guarantee for a business loan or lease, the creditor can pursue you for the outstanding amount. Additionally, if the liquidator finds evidence of wrongful trading, fraudulent activity, or misfeasance, you could be held personally liable. We will advise you on how to avoid these risks.
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