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 difference between creditors' voluntary liquidation and compulsory liquidation in Trafalgar?
Creditors' voluntary liquidation (CVL) is initiated by the company's directors and shareholders when the company is insolvent. They appoint a liquidator to wind up affairs and distribute assets to creditors. Compulsory liquidation is a court-ordered process, usually triggered by a creditor's petition when the company fails to pay debts. In a CVL, directors retain some control over the process, while in compulsory liquidation, the court appoints an official receiver or liquidator.
How much does company liquidation cost in Trafalgar?
The cost of liquidation in Trafalgar varies based on the complexity of the company's affairs, asset value, and number of creditors. Typically, a simple creditors' voluntary liquidation may cost between £3,000 and £7,000, plus VAT. However, we provide free initial consultations and fixed-fee quotes after assessing your specific situation. We ensure no hidden charges and explain all costs upfront.
Can directors be held personally liable for company debts during liquidation?
Directors can be held personally liable if they have acted wrongfully, such as trading while insolvent without reasonable prospect of recovery, or if they have breached fiduciary duties. Our liquidators investigate director conduct and can pursue claims for misfeasance or fraudulent trading. However, if you have acted in good faith and followed professional advice, personal liability is unlikely. We advise directors to seek guidance early to avoid risks.
What happens to employees when a company goes into liquidation in Trafalgar?
When a company enters liquidation, employees are automatically dismissed from the date of liquidation. The liquidator is responsible for calculating statutory redundancy pay, notice pay, and unpaid wages. Employees may claim these amounts from the National Insurance Fund through the Redundancy Payments Service. Our team helps employees understand their rights and guides them through the claims process.
Can a company continue trading after liquidation has started?
No, once a company enters liquidation, trading must cease immediately. The liquidator takes control of all company assets and operations. Continuing to trade after liquidation is illegal and can result in personal liability for directors. However, in some cases, the liquidator may continue trading temporarily to complete contracts or sell assets as a going concern, but this is at the liquidator's discretion.
How long does the liquidation process take in Trafalgar?
The duration depends on the complexity of the company's affairs. A straightforward creditors' voluntary liquidation can be completed in 6 to 12 months, but more complex cases involving asset realization, legal disputes, or investigations may take longer. Our liquidators work efficiently to conclude the process as quickly as possible while ensuring all legal requirements are met.
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