ACCOTAX - Accountants & Tax Consultants
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EFJ CONSULTING LTD
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Cruse+Burke
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Owadally & Kings Partnership
At O&K we aspire to be one of the most forward thinking accountancy firms in Croydon. Our dedicated in-house team, and external specialists, based in ...See More
Cruse + Burke
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Taxaccolega Chartered Accountants & Tax Advisers
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Coman And Co Ltd
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MONEYTREE FINANCIAL LTD
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APRC Accountants
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Accounting Made Simple
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Future Formations Ltd
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TaxAssist Accountants
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SARA COOPERS ACCOUNTANTS LTD
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Southall Accountants
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Abu Umar & Co.
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KHAWAR & CO LTD
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Frequently asked questions
What is the role of a company liquidator in Shoreham?
A company liquidator in Shoreham is a licensed insolvency practitioner who manages the formal winding up of a limited company. Their role includes realising company assets, settling creditor claims, investigating the company's affairs, and distributing any remaining funds to shareholders. They also ensure compliance with the Insolvency Act 1986 and handle all statutory filings, providing a structured and legal closure for the business.
How much do company liquidation services cost in Shoreham?
The cost of liquidation in Shoreham varies depending on the complexity of the company's affairs, the number of creditors, and the value of assets. For a straightforward creditors voluntary liquidation (CVL), fees typically range from £3,000 to £6,000 plus VAT, but this can increase for more complex cases. We always provide a fixed fee quote upfront, with no hidden costs, and we can discuss payment options, including spreading the cost over time.
What is the difference between a CVL and an MVL?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies that cannot pay their debts, where the liquidator sells assets to repay creditors. A Members Voluntary Liquidation (MVL) is for solvent companies that can pay all debts in full, often used for tax planning when extracting retained profits. In an MVL, the liquidator distributes assets to shareholders, and the process can be more tax-efficient than other exit methods.
Can a director be held personally liable for company debts in Shoreham?
In most cases, directors are not personally liable for company debts because a limited company is a separate legal entity. However, personal liability can arise if there is evidence of wrongful trading, fraudulent trading, or if directors have given personal guarantees for loans. A liquidator will investigate director conduct and may pursue claims if assets were misused or if the company continued trading while insolvent without taking proper advice.
How long does the liquidation process take in Shoreham?
The liquidation process in Shoreham typically takes between 6 to 12 months from the date the liquidator is appointed. This timeframe allows for the realisation of assets, the notification of creditors, and the final distribution of funds. However, complex cases with multiple assets or ongoing legal disputes can take longer. Your liquidator will provide a realistic timeline based on your specific circumstances and keep you updated throughout the process.
What happens to employees when a company goes into liquidation in Shoreham?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order. The liquidator is responsible for ensuring that employees receive their statutory redundancy pay, unpaid wages, holiday pay, and any other outstanding entitlements. These payments are often made through the Redundancy Payments Service (RPS), and the liquidator will guide employees through the claims process to ensure they receive what they are owed.
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