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 Belfast?
A Creditors' Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. A Members' Voluntary Liquidation (MVL) is for a solvent company where shareholders decide to close it, often for retirement or restructuring. In an MVL, directors must swear a declaration of solvency, confirming the company can pay all debts within 12 months.
How much does company liquidation cost in Belfast?
The cost varies depending on the complexity of the company, the number of creditors, and whether it is a CVL or MVL. Typically, a straightforward CVL starts from £3,000 to £5,000 plus VAT, while an MVL may cost between £2,500 and £4,000. We provide fixed-fee quotes after a free consultation, with no hidden charges.
Can I liquidate a company with no assets or money in Belfast?
Yes, it is possible to liquidate an insolvent company with no assets, but you may need to fund the liquidation costs personally or through a director's loan. Our liquidators can guide you on options such as a 'no asset' liquidation or applying for a court order if the company has no funds. We will advise on the most cost-effective route.
What happens to employees when a company goes into liquidation in Belfast?
Employees are made redundant immediately upon liquidation. The liquidator will assist with calculating statutory redundancy pay, notice pay, and unpaid wages. Employees can claim these amounts from the National Insurance Fund (via the Redundancy Payments Service) if the company cannot pay. The liquidator provides the necessary forms (RP1, RP2) to support claims.
How long does the liquidation process take in Belfast?
A CVL typically takes 6 to 12 months to complete, depending on asset realisation and creditor claims. An MVL can be completed in as little as 3 to 6 months if the company has no complex assets. The process involves filing a notice with Companies House, appointing a liquidator, and finalising accounts before dissolution.
What are the legal duties of a director during liquidation in Belfast?
Directors must cooperate fully with the liquidator, provide all company records, and disclose any transactions that occurred before liquidation. They must not hide assets or prefer certain creditors. Failure to comply can lead to personal liability, disqualification as a director, or even criminal prosecution. Our team helps directors understand and fulfil their duties.
About Accounting Firms
AccountingFirms.co.uk is the UK's dedicated accountant comparison website, helping individuals, sole traders, landlords, startups, and SMEs instantly compare accountancy and tax fees from trusted UK accounting firms.
Find and connect with qualified accountants, tax advisers, bookkeepers, and business advisers using advanced search filters, verified profiles, and genuine reviews aggregated from Google, Trustpilot, Yelp, and other trusted platforms.
Over 26,000+ UK Accountants in One Place
Explore the UK's largest independent directory of accountants regulated by professional bodies including ICAEW, ACCA, AAT, CIMA, CIPFA, AIA, IFA, and other recognised UK accountancy bodies.
Affordable Online Accounting Services
Buy fixed-fee accounting packages online with confidence. Services are delivered by experienced UK-qualified accountants and tax advisers, covering:
A Marketplace for Accountants
For accounting firms, AccountingFirms.co.uk is more than a directory. It's a powerful lead generation platform, accountant marketplace, and business growth hub, helping practices attract new clients, increase online visibility, generate qualified leads, and win more accounting and taxation work across the UK.