Hi all. Would really appreciate thoughts on a situation I’m in.
Had the same accountant for 15 years but he sold his company to a large firm that has various services.
I started an MVL with their liquidator and he sent a deed of indemnity which covers not only his service but the entire firm including the accountants.
There are some clauses I’m not sure of and it seems badly written but the main concern is being asked by the liquidator to indemnify the accountant is ethically questionable.
We are well in to the process and now there is considerable conflict between myself and the liquidator as he thinks it’s ok to send such a document in a Saturday night and expect it to be signed without advice by the Tuesday morning (I didn’t).
So he’s saying my only other options are
- for ME to pay his legal fees for a bespoke deed of indemnity - BUT he won’t agree to ensure my concerns are met so this could become an horrendously costly legal back and forth.
Or
- he won’t release any funds until HMRC give the all clear which could be months away. Not good for me as I will then need to take a loan.
It seems this could have been avoided by choosing another liquidator as they would not ask to indemnify my existing accountant. I’m not sure if it’s possible to fire a liquidator and go to a new one (regulators involved?) also he says his full fees are already incurred despite being less than 2 weeks in to the process.
The bank has not given him control of my account yet.
Thanks for any help in advance.
Had the same accountant for 15 years but he sold his company to a large firm that has various services.
I started an MVL with their liquidator and he sent a deed of indemnity which covers not only his service but the entire firm including the accountants.
There are some clauses I’m not sure of and it seems badly written but the main concern is being asked by the liquidator to indemnify the accountant is ethically questionable.
We are well in to the process and now there is considerable conflict between myself and the liquidator as he thinks it’s ok to send such a document in a Saturday night and expect it to be signed without advice by the Tuesday morning (I didn’t).
So he’s saying my only other options are
- for ME to pay his legal fees for a bespoke deed of indemnity - BUT he won’t agree to ensure my concerns are met so this could become an horrendously costly legal back and forth.
Or
- he won’t release any funds until HMRC give the all clear which could be months away. Not good for me as I will then need to take a loan.
It seems this could have been avoided by choosing another liquidator as they would not ask to indemnify my existing accountant. I’m not sure if it’s possible to fire a liquidator and go to a new one (regulators involved?) also he says his full fees are already incurred despite being less than 2 weeks in to the process.
The bank has not given him control of my account yet.
Thanks for any help in advance.
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