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 in Windermere?
A company liquidator in Windermere is a licensed insolvency practitioner who manages the formal closure of an insolvent company. Their role includes realising assets, agreeing creditor claims, investigating director conduct, and distributing any funds to creditors. They also ensure compliance with the Insolvency Act 1986 and Companies Act 2006, and they can advise on alternative solutions like administration or company voluntary arrangements if liquidation is not the best option.
How much does liquidation cost for a small business in Windermere?
The cost of liquidation for a small business in Windermere typically ranges from £3,000 to £7,000 plus VAT, depending on complexity, asset realisation, and the number of creditors. Our fees are fixed and agreed upfront, with no hidden charges. In many cases, the cost can be covered by the company's remaining assets, but if there are no assets, directors may need to fund the process personally. We always provide a detailed quote before any work begins.
Can I continue trading after appointing a liquidator?
No, once a liquidator is appointed, they take full control of the company, and directors lose their powers to trade or make decisions. However, the liquidator may continue trading for a short period to sell stock or complete contracts if this maximises returns for creditors. Directors must not trade after the resolution to wind up is passed, as this could lead to personal liability for wrongful trading.
What is the difference between voluntary and compulsory liquidation?
Voluntary liquidation (CVL) is initiated by the company's directors and shareholders when they decide the company cannot pay its debts. It is a proactive, structured process. Compulsory liquidation is a court order, usually petitioned by a creditor (like HMRC) who is owed more than £750. In compulsory liquidation, the court appoints the Official Receiver initially, who may later appoint a private insolvency practitioner. CVL gives directors more control over the choice of liquidator.
Will I be personally liable for company debts after liquidation?
In most cases, no. Limited liability protects directors from personal responsibility for company debts, provided they have not acted wrongfully. However, personal liability can arise if you have given personal guarantees, taken director loans, or engaged in fraudulent or wrongful trading, such as continuing to trade while insolvent without taking professional advice. Our liquidators will review your conduct and advise on any potential risks before you proceed.
How long does a company liquidation take in Windermere?
A straightforward Creditors' Voluntary Liquidation (CVL) typically takes between 6 and 12 months to complete, depending on the complexity of asset realisation and creditor claims. The initial creditors' meeting and appointment of the liquidator can happen within 2-4 weeks of your decision. Compulsory liquidation may take longer due to court processes. After the liquidation is finalised, the company is dissolved, usually within 3 months of the final meeting.
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