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 difference between a CVL and an MVL in Alton Hampshire?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts, while a Members' Voluntary Liquidation (MVL) is for solvent companies that wish to close, often for tax efficiency. In Alton, our licensed liquidators assess your financial position and recommend the correct procedure. For a CVL, creditors are involved in the process, whereas in an MVL, shareholders appoint the liquidator and debts are paid in full.
How much does company liquidation cost in Alton Hampshire?
The cost of liquidation in Alton varies based on the complexity of the company's affairs, the number of assets, and the level of creditor involvement. For a straightforward CVL, fees typically range from £4,000 to £8,000 plus VAT, but we offer fixed-fee packages to provide certainty. MVL costs are often lower, starting around £2,500. We always provide a detailed written quote before any work begins, with no hidden charges.
Can I continue trading while my company is being liquidated in Alton?
Once a liquidation order is made or a CVL resolution is passed, the liquidator takes control and the directors' powers cease. You cannot continue trading in the company's name, except for limited activities approved by the liquidator to preserve asset value. However, before liquidation begins, you may trade normally, but you must avoid wrongful trading. Our Alton liquidators can advise on the exact point to stop trading to protect you personally.
What happens to employees during a company liquidation in Alton Hampshire?
When a company enters liquidation, all employees are automatically dismissed from the date of the liquidation order or resolution. The liquidator is responsible for settling employee claims, including redundancy pay, unpaid wages, holiday pay, and notice pay, which may be recoverable from the National Insurance Fund. Our team ensures employees receive their statutory entitlements and provides guidance on making claims to the Redundancy Payments Service.
Can I buy back assets from my own company's liquidation in Alton?
Yes, directors and shareholders can purchase assets from the liquidator, but this must be done at market value and with full transparency to creditors. The liquidator has a duty to obtain the best price, so an independent valuation is required. In some cases, a connected party purchase may need creditor approval. We help you navigate these rules to avoid allegations of misconduct or breach of duty.
How long does a company liquidation take in Alton Hampshire?
A Creditors' Voluntary Liquidation typically takes 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. Members' Voluntary Liquidations can be faster, often concluding in 3 to 6 months. Compulsory liquidation may take longer due to court processes. Our Alton liquidators work efficiently to close your company as quickly as possible, keeping you informed at every stage.
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