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 Armagh?
A Creditors Voluntary Liquidation (CVL) is for insolvent companies that cannot pay their debts, where creditors control the process. A Members Voluntary Liquidation (MVL) is for solvent companies, typically used for tax-efficient distribution of assets. Our Armagh liquidators will assess your company's financial position to recommend the appropriate procedure.
How much does company liquidation cost in Armagh?
Costs vary based on company size, complexity, and the type of liquidation. For a CVL, fees are often fixed or based on realisations, typically ranging from £3,000 to £6,000 plus VAT. MVL costs are usually lower. We provide transparent quotes after a free initial consultation, with no hidden charges.
Can directors of an insolvent company in Armagh avoid personal liability?
Directors can avoid personal liability if they act in good faith, keep proper records, and do not trade wrongfully. Our liquidators review director conduct and advise on potential risks. Early action is crucial to prevent claims of wrongful trading or misfeasance.
How long does the liquidation process take in Armagh?
A CVL typically takes 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be faster, often 3 to 6 months. Our team expedites the process by handling all paperwork efficiently, but statutory timelines must be followed.
What happens to employees when a company goes into liquidation in Armagh?
Employees are made redundant upon liquidation. They may claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. Our liquidators provide guidance and necessary forms, and we liaise with the Redundancy Payments Service to ensure claims are processed.
Can I keep trading after starting liquidation in Armagh?
Once a CVL is initiated, directors' powers cease, and the liquidator takes control. Trading may continue temporarily if the liquidator decides it's beneficial for the estate, but this is rare. For solvent MVL, trading stops immediately. Our advice is to cease trading before liquidation to avoid additional liabilities.
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