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
Ahmed-Cliffords Ltd
Ahmed-Cliffords has grown to become one of the region's most successful accountants and tax consultancy offices. From simple beginnings, when we wer...See More
TaxPert Solutions Limited Certified Public Accountants
We are a small business accountant who provides smart solutions to your business needs. The Care your Business need from Experts Taxpert is a modern,...See More
Marden & Co Accountants Ltd
We are a two partner accountancy practice based in Epsom, serving Sutton, Banstead, Reigate, Dorking & across Surrey. We provide professional accounta...See More
Oakes Accounting
Oakes Accounting specializes in providing tailor made accounting services, including bookkeeping, VAT and self assessment to small businesses.
TAA CONSULTANTS LTD
TAA Consultants- Super Accountants 69201 - Accounting and auditing activities 69202 - Bookkeeping activities
Frequently asked questions
What is the difference between a liquidator and an administrator?
A liquidator is appointed to wind up a company's affairs, sell its assets, and distribute proceeds to creditors before dissolving the company. An administrator is appointed to rescue a company as a going concern, often through a restructuring or sale, while protecting it from creditor action. Liquidation ends the company's existence, whereas administration aims to preserve it.
How much does it cost to appoint a company liquidator in the UK?
Costs vary depending on the complexity of the case, the size of the company, and the type of liquidation. For a Creditors Voluntary Liquidation (CVL), fees typically range from £3,000 to £7,000 plus VAT, often paid from company assets. Many liquidators offer fixed fees or payment plans. Always obtain a written quote before engaging a practitioner.
Can a director be personally liable for company debts after liquidation?
Generally, directors are not personally liable for company debts if they have acted lawfully and in good faith. However, personal liability can arise if there is evidence of wrongful trading, fraudulent trading, or misfeasance. Liquidators can pursue directors for recovery of assets or compensation if they breached their duties.
What is a Members Voluntary Liquidation (MVL) and when is it used?
An MVL is used for solvent companies that wish to close voluntarily, typically for retirement or restructuring. It requires a declaration of solvency from directors and allows for tax-efficient distribution of assets to shareholders. A licensed insolvency practitioner acts as liquidator to settle debts and formally dissolve the company.
How long does the liquidation process take in the UK?
A Creditors Voluntary Liquidation (CVL) usually takes between 6 to 12 months to complete, depending on asset realisation and creditor claims. A compulsory liquidation can take longer due to court procedures. Members Voluntary Liquidation (MVL) is often faster, sometimes completed in 3 to 6 months if all formalities are met.
What happens to employees when a company goes into liquidation?
Employees are automatically made redundant upon the appointment of a liquidator. They may claim statutory redundancy pay, notice pay, and unpaid wages from the National Insurance Fund via the Redundancy Payments Service. The liquidator provides necessary documentation and guidance to employees to ensure they receive their entitlements.
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