ACCOTAX - Accountants & Tax Consultants
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Bell Stanley Accountants
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Purnells - Licensed Insolvency Practitioners
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KINGS OAK ACCOUNTANCY (SOMERSET) LTD
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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.
TKI Bookkeeping & Accounts
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DEAD SIMPLE ACCOUNTING LTD
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Turner Barratt
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QUENTELA ACCOUNTING LIMITED
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R Albert Accountancy Ltd
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The Bean Counters Accountants LLP
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Frequently asked questions
What is the difference between a solvent and insolvent liquidation in Torquay?
A solvent liquidation, often called a Members' Voluntary Liquidation (MVL), is used when a company is financially healthy and directors want to close it, often for tax efficiency. An insolvent liquidation, typically a Creditors' Voluntary Liquidation (CVL), is for companies that cannot pay their debts. In a CVL, a licensed insolvency practitioner takes control to realise assets and distribute funds to creditors, while investigating director conduct.
How much do company liquidators charge in Torquay?
Fees vary based on the complexity of the liquidation, the size of the company, and the number of creditors. For a Creditors' Voluntary Liquidation, typical costs range from £3,000 to £7,000 plus VAT, but we offer fixed-fee packages with no hidden charges. For solvent liquidations (MVL), fees are often based on the value of assets realised. Always request a written quote before proceeding.
Can I continue trading after appointing a liquidator?
No. Once a liquidator is formally appointed, they take control of the company. Directors' powers cease immediately. However, the liquidator may allow trading to continue for a short period if it is beneficial for realising assets or completing contracts, but only under their supervision. You should seek advice before making any decisions.
What are the legal duties of directors during liquidation in Torquay?
Directors must cooperate fully with the liquidator, provide all company records and financial information, and disclose any transactions that may be considered wrongful trading or preferences. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution. Our liquidators guide you through these duties to ensure compliance.
How long does a company liquidation take in Torquay?
A Creditors' Voluntary Liquidation typically takes 6 to 12 months to complete, depending on asset realisation and creditor claims. A solvent MVL can be quicker, often 3 to 6 months. The process includes a meeting of creditors, asset disposal, and final distribution. Our team aims to streamline the process to minimise delays.
What happens to employees when a company goes into liquidation?
Employees are automatically made redundant when a liquidator is appointed. They can claim statutory redundancy pay, unpaid wages, holiday pay, and notice pay from the National Insurance Fund (via the Redundancy Payments Service). The liquidator provides each employee with the necessary forms (RP1, RP2, etc.) and guidance on making claims.
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