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 Woking Surrey?
A company liquidator in Woking Surrey is a licensed insolvency practitioner who manages the winding-up of a company's affairs. Their role involves realising the company's assets, settling outstanding debts with creditors in the correct legal order, investigating the company's financial history, and ultimately dissolving the company from the Companies House register. They ensure the process is conducted lawfully and fairly, providing a clean break for directors and shareholders.
When should I consider appointing a liquidator for my company in Woking?
You should consider appointing a liquidator when your company is insolvent (unable to pay its debts as they fall due) and there is no realistic prospect of recovery. Common triggers include receiving a winding-up petition, a statutory demand from HMRC, or persistent creditor pressure. For solvent companies, a Members Voluntary Liquidation (MVL) is appropriate when you wish to close a profitable company and extract retained profits in a tax-efficient manner.
What is the difference between a CVL and an MVL?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where the directors decide to place the company into liquidation voluntarily, and creditors are owed money. A Members Voluntary Liquidation (MVL) is for solvent companies where directors and shareholders want to close the company legally, often for retirement or restructuring purposes. In an MVL, the company can pay all its debts in full, and the liquidator distributes remaining assets to shareholders.
How much do company liquidators charge in Woking Surrey?
The cost of liquidation in Woking Surrey varies depending on the complexity of the case, the size of the company, and the type of liquidation. For a CVL, fees are often taken from the company's assets, but we offer fixed-fee structures for straightforward cases. For an MVL, fees are typically based on the time involved or a percentage of the assets realised. We always provide a clear, written quotation before you commit, with no hidden extras.
Can I continue trading if my company is in liquidation?
No, once a company enters liquidation, the liquidator takes control and the directors' powers cease. You cannot continue trading under the same company name unless specific exceptions apply, such as buying the business from the liquidator. However, before liquidation, directors have a duty to avoid wrongful trading. If you are unsure, seek immediate advice from a licensed liquidator to explore options like administration or a company voluntary arrangement (CVA).
What happens to employees when a company goes into liquidation in Woking?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order. The liquidator is responsible for ensuring employees receive their statutory redundancy pay, unpaid wages, holiday pay, and notice pay. These claims are preferential and are paid from the National Insurance Fund if the company has no assets. The liquidator will provide employees with the necessary forms to claim from the government.
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