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 on St Peters Road?
A company liquidator on St Peters Road is a licensed insolvency practitioner who manages the formal closure of a company that cannot pay its debts. Their role includes selling company assets, settling creditor claims, investigating director conduct, and distributing any remaining funds to shareholders. They also ensure compliance with the Insolvency Act 1986 and handle legal paperwork, such as filing forms with Companies House and notifying HMRC.
How much does company liquidation cost in St Peters Road?
The cost of liquidation in St Peters Road varies depending on the complexity of the case, the size of the company, and the number of creditors. Typically, fees range from £4,000 to £8,000 plus VAT for a simple creditors voluntary liquidation. Our firm offers fixed-fee quotes after a free initial review, with no hidden charges. We also explain whether costs can be covered from company assets or if directors need to contribute personally.
Can I continue trading while my company is being liquidated?
No, once a liquidation order is made or a creditors' voluntary liquidation resolution is passed, the liquidator takes control of the company, and trading must cease immediately. However, in certain cases, the liquidator may continue trading for a short period to sell stock or complete contracts, but only if it benefits creditors. As a director, you lose your powers to make decisions, and you must cooperate with the liquidator's requests.
What is the difference between creditors voluntary liquidation and compulsory liquidation?
Creditors voluntary liquidation (CVL) is initiated by the directors when the company is insolvent, and they pass a resolution to wind up voluntarily. The creditors then approve the liquidator's appointment. Compulsory liquidation is a court order obtained by a creditor (e.g., HMRC or a supplier) through a winding-up petition. In a CVL, directors have more control and can choose the liquidator, whereas in compulsory liquidation, the Official Receiver may initially act.
Will I be personally liable for company debts after liquidation?
Generally, no, because a limited company is a separate legal entity. Once liquidation is complete, any unpaid debts are written off, and you are not personally responsible unless you have given personal guarantees for loans or leases, or if you have committed wrongful or fraudulent trading. The liquidator will investigate your conduct, and if you acted in the best interests of creditors, you should not face personal liability.
How long does the liquidation process take on St Peters Road?
A typical creditors voluntary liquidation takes between 6 and 12 months to conclude, depending on the complexity of asset realisation and creditor claims. Simple cases with minimal assets and no disputes can be completed in as little as 4 months. Compulsory liquidation may take longer due to court procedures. Your liquidator will provide a timeline during the initial consultation and keep you updated at each stage.
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