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
GE ACCOUNTANCY LTD
Specialist Motor Trade Accountant with over 20 years. Accountancy & Book Keeping Services offered including VAT Preparation & Submission, Self Assessm...See More
C & B Accounting Solutions Ltd
All aspects of bookkeeping, payroll & accounting undertaken
PAYLESS ACCOUNTING & OUTSOURCING LIMITED
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Harris Rosenberg Chartered Accountants
We help small-scale and early-stage businesses get to where ...
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Athena Bookkeeping Services
Athena Accounting and Bookkeeping Services. ?Let us take good care of your finances giving you more time to focus on the day to day running of your bu...See More
BROOKSON LIMITED
Why Brookson? There are plenty of reasons. We’re specialists at dealing with self-employed finances, and have been doing this for over 20 years, so we...See More
GORILLA ACCOUNTING LIMITED
orilla Accounting was born after a group of specialist accountants with decades of experience amongst them, decided that accounting shouldn’t be a lab...See More
Cheaper Accountant
We're the UK's leading low cost accountants. Simple & affordable fees with Company Accounts & Co. Tax Retu...See More
Holden Associates
Holden Associates are a family run business founded in 2002, we are located at V12, Merlin Park, a modern purpose-built office in Burscough, Lancashir...See More
Sambhav Management Limited
Since 2012, we’ve offered clients the tools, resources and guidance necessary for all their accounting needs. Clients receive the personalized attenti...See More
Clarity Accountants
We work closely with our clients and act for a broad range of business and personal clients. Apart from the more general accountancy services we can a...See More
LLOYDS ACCOUNTANTS LTD
We offer accounts, taxation and business advisory and support services to a wide range of businesses and individuals, nationwide. We continue to build...See More
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Norbury Bookkeeping Services
We offer a complete bookkeeping and computerized payroll service throughout Cheshire and South Manchester and are able to offer support for all financ...See More
ACCOUNTS 2U LIMITED
Our director, Howard Turner MAAT ATT, qualified as an accounting and taxation technician in 1995 after training with chartered accountants in Cheshire...See More
MJF ACCOUNTANCY LIMITED
NIXON WILLIAMS LIMITED
Nixon Williams has been providing specialist accountancy services to contractors, freelancers, consultants and interim professionals throughout the UK...See More
Oakes Accounting
Oakes Accounting specializes in providing tailor made accounting services, including bookkeeping, VAT and self assessment to small businesses.
Pepperhill Associates
Xero Certified Adviser - Remote service taking care of all your bookkeeping needs. Providing a professional, confidential, flexible and reliable bookk...See More
Frequently asked questions
What is a company liquidator and when do I need one in Westhoughton?
A company liquidator is a licensed insolvency practitioner who manages the closure of an insolvent company. In Westhoughton, you need a liquidator when your company cannot pay its debts as they fall due, and you decide to enter a Creditors' Voluntary Liquidation (CVL). The liquidator takes control of the company's assets, sells them to repay creditors, and then formally dissolves the company. This process protects directors from personal liability for company debts, provided they have acted in good faith and complied with their duties.
What is the difference between compulsory liquidation and creditors' voluntary liquidation?
Compulsory liquidation is a court-ordered process, usually initiated by a creditor who obtains a winding-up order against the company. Creditors' Voluntary Liquidation (CVL) is a voluntary process initiated by the company's directors and shareholders when they believe the company is insolvent. In a CVL, the directors appoint a liquidator of their choice, whereas in compulsory liquidation, the court appoints the Official Receiver or another liquidator. Most insolvent companies in Westhoughton opt for a CVL because it gives directors more control and is generally faster and less costly.
Can a company liquidator in Westhoughton help with director personal guarantees?
Yes, a company liquidator can provide guidance on how personal guarantees may affect you. If you have signed personal guarantees for business loans, leases, or supplier credit, the creditor may pursue you personally for repayment after the company enters liquidation. The liquidator cannot remove these guarantees, but they can advise on negotiation strategies, potential settlement options, and the impact on your personal finances. It is essential to seek advice early to understand your exposure and to plan accordingly.
What are the legal duties of a director when a company becomes insolvent in Westhoughton?
When a company becomes insolvent, directors have a legal duty to act in the best interests of creditors rather than shareholders. This includes avoiding wrongful trading, which means continuing to trade when you know the company cannot avoid insolvent liquidation. Directors must also keep accurate financial records, disclose all assets and liabilities to the liquidator, and cooperate fully with the liquidation process. Failure to meet these duties can lead to personal liability, disqualification as a director, or even criminal prosecution. A liquidator can help you understand and fulfil these obligations.
How much does it cost to hire a company liquidator in Westhoughton?
The cost of liquidation varies depending on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. Most liquidators in Westhoughton offer a fixed fee for a CVL, which typically ranges from £3,000 to £6,000 plus VAT, but this can be higher for larger or more complex cases. The fee is paid from the company's assets, but if there are insufficient assets, directors may need to fund the liquidation personally. Always request a detailed quote before appointing a liquidator to ensure there are no hidden costs.
What happens to employees of a company in liquidation in Westhoughton?
When a company enters liquidation, employees are automatically made redundant from the date the liquidation order is made. The liquidator is responsible for ensuring that employees receive their statutory entitlements, including unpaid wages, holiday pay, and redundancy pay. These claims are preferential debts and are usually paid from the National Insurance Fund through the Redundancy Payments Service if the company has no assets. The liquidator will provide employees with the necessary forms (RP1, RP2, and RP3) to claim their entitlements and will also assist with any questions about their rights.
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