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 Yard London?
A company liquidator is a licensed insolvency practitioner appointed to wind up a company's affairs. Their role includes gathering and valuing assets, paying creditors in the correct statutory order, investigating the company's conduct, and ultimately dissolving the company. In Yard London, liquidators also ensure that all legal and regulatory requirements are met, and they provide advice to directors on their duties and potential liabilities.
How much does it cost to appoint a liquidator for my company in Yard London?
The cost of liquidation varies depending on the complexity of the case, the size of the company, and the type of liquidation required. For a creditors' voluntary liquidation (CVL), fees are often based on a fixed fee or a percentage of realisable assets. We always provide a clear, written quotation before any work begins, and we explain all potential costs upfront so there are no hidden surprises.
What is the difference between a CVL and a compulsory liquidation?
A creditors' voluntary liquidation (CVL) is initiated by the directors and shareholders of a company that is insolvent, and it is a voluntary process. Compulsory liquidation, on the other hand, is forced by a court order, usually after a creditor petitions for winding up. In a CVL, the directors choose the liquidator, whereas in compulsory liquidation, the Official Receiver or a court-appointed liquidator takes control.
Can I liquidate a solvent company in Yard London?
Yes, if your company is solvent but you wish to close it down, you can use a members' voluntary liquidation (MVL). This process requires a declaration of solvency from the directors, confirming that the company can pay its debts in full within a specified period (usually 12 months). An MVL allows for tax-efficient distribution of assets to shareholders and is often used for retirement or restructuring purposes.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, employees are automatically dismissed from the date of the liquidation order. The liquidator will provide guidance on employee rights, including claims for unpaid wages, holiday pay, and redundancy payments. In the UK, employees can claim certain statutory payments from the National Insurance Fund, but the liquidator will assist with the necessary claims and paperwork.
How long does the liquidation process take in Yard London?
The duration of liquidation depends on the complexity of the case. A straightforward creditors' voluntary liquidation can often be completed within 6 to 12 months, while more complex cases involving asset realisation, legal disputes, or investigations may take several years. The liquidator must also wait for the prescribed period for creditor claims before making final distributions and applying for dissolution.
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