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
HHR ACCOUNTANCY LTD
Accounting & Bookkeeping Solutions
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FLEXIE ACCOUNTANTS LTD
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MRC Accounting Services
Providing accounting services and solutions
Zak Partnership
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Athena Bookkeeping Services
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GORILLA ACCOUNTING LIMITED
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Raven Solution
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AMSTOR ACCOUNTANTS LIMITED
Amstor Accountants Limited T/A Premier Accountants, Auditors and Tax Advisers want to help you pay less tax and keep more of the profit your business ...See More
Frequently asked questions
What is the difference between a Creditors' Voluntary Liquidation (CVL) and a Members' Voluntary Liquidation (MVL)?
A CVL is used for insolvent companies where the directors believe the company cannot pay its debts. It involves a meeting of creditors and is initiated by the shareholders. An MVL is used for solvent companies, typically when the directors wish to retire or close the business. In an MVL, the company can pay all its debts in full, and any remaining assets are distributed to shareholders, often with tax advantages.
How much does it cost to appoint a company liquidator in Ashbourne?
The cost varies depending on the complexity of the company's affairs, the number of creditors, and the assets involved. For a CVL, fees are often based on the realisation of assets and the time spent, but we provide a clear fee structure upfront. For an MVL, fees are typically fixed or based on a percentage of assets distributed. We offer a free initial consultation to provide a tailored quote.
Can a company liquidator help if my company is already facing a winding-up petition?
Yes, acting quickly is crucial. If a winding-up petition has been issued, a licensed liquidator can advise on options such as negotiating with creditors, applying for an administration order, or proceeding with a CVL before a court hearing. We can help you navigate this urgent situation to protect your company and directors' interests.
What are the legal responsibilities of a director during liquidation?
Directors must cooperate fully with the liquidator, providing all company records, financial information, and explanations of transactions. They must not dispose of any assets or conceal debts. The liquidator will investigate director conduct, including potential wrongful trading or preference payments. Failure to cooperate can result in personal liability or disqualification.
Will I be personally liable for company debts after liquidation?
In most cases, no. If the company is a limited liability entity and you have not given personal guarantees, the liquidation process will write off company debts. However, if you have given personal guarantees for loans or leases, creditors can pursue you personally. Additionally, if wrongful trading or fraudulent activity is found, directors can be held personally liable.
How long does the liquidation process take in Ashbourne?
The duration depends on the complexity. A straightforward MVL can be completed in 3 to 6 months, while a CVL may take longer, typically 6 to 12 months, depending on asset realisation and creditor claims. Our goal is to expedite the process while ensuring all legal obligations are met, providing regular updates throughout.
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