
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 CVL and MVL in Ayrshire?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent, meaning it cannot pay its debts. An MVL is for solvent companies where directors wish to close voluntarily, often for tax efficiency. In a CVL, creditors control the process; in an MVL, shareholders appoint the liquidator. Both end with the company struck off Companies House.
How much does a company liquidation cost in Ayrshire?
Costs vary based on complexity, asset value, and creditor numbers. For a simple CVL, fixed fees typically range from £4,000 to £8,000 plus VAT, often payable from company assets. MVL fees are usually £2,500 to £5,000. We provide a fixed-fee quote after a free initial assessment, with no hidden charges.
Can I keep trading after starting liquidation?
No. Once liquidation begins, the liquidator takes control of the company. Trading must cease immediately unless the liquidator decides to continue temporarily to sell stock or complete contracts. Continuing to trade while insolvent before liquidation can lead to personal liability for wrongful trading.
What are the legal duties of directors in a liquidation?
Directors must cooperate fully with the liquidator, provide all company records, accounts, and asset details, and disclose any preferential payments or transactions made in the prior two years. Failure to comply can result in personal liability, disqualification, or even criminal prosecution.
Will I be personally liable for company debts after liquidation?
In most cases, no. Limited liability protects directors from personal responsibility for company debts, provided there was no fraud, wrongful trading, or personal guarantees. If you signed personal guarantees for loans or leases, the lender can pursue you directly. Our advisors help you understand your exposure before proceeding.
How long does a liquidation take in Ayrshire?
A CVL typically takes 6 to 12 months to conclude, depending on asset realisation and creditor claims. An MVL can be faster, often 3 to 6 months. The process includes a creditors' meeting, asset sales, final account filing, and company dissolution. We keep you informed at every stage.
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