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 Barnet Herts?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid, and it is initiated by directors. A Members Voluntary Liquidation (MVL) is for solvent companies that wish to close, typically for tax efficiency when shareholders want to extract retained profits. Our liquidators in Barnet Herts will assess your financial status and recommend the correct procedure.
How much does a company liquidation cost in Barnet Herts?
Costs vary based on complexity, asset value, and creditor numbers. For a straightforward CVL, fees typically range from £3,000 to £6,000 plus VAT, while MVLs may cost less. We provide fixed-fee quotes after a free consultation, ensuring no hidden charges. The liquidator's fee is paid from company assets, not from your personal funds, in most cases.
Can I continue trading after appointing a liquidator?
No, once a liquidator is appointed, they take control of the company. Directors cease to have authority to trade, sign contracts, or handle assets. However, the liquidator may allow limited trading to complete existing orders if it benefits creditors. We advise you to stop trading immediately if insolvency is likely to avoid wrongful trading claims.
What happens to company debts and assets during liquidation in Barnet?
The liquidator collects all company assets, including cash, equipment, and intellectual property, then sells them to generate funds. Proceeds are distributed to creditors in a statutory order: secured creditors first, then preferential (employees), and finally unsecured creditors. Any remaining funds go to shareholders. Directors are not personally liable for company debts unless they gave personal guarantees or acted fraudulently.
How long does the liquidation process take in Barnet Herts?
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. The liquidator must file final accounts with Companies House and HMRC, which adds time. Our team works efficiently to close your company as quickly as legally possible.
Do I need to be physically present in Barnet for liquidation meetings?
No, most meetings can be conducted virtually via video call or phone. We serve clients across Barnet, Herts, and the UK, so you do not need to travel. Creditors' meetings are often dispensed with if proxies are obtained. We handle all paperwork remotely, making the process convenient for you.
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