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 compulsory liquidation in Berdeenshire?
A Creditors Voluntary Liquidation (CVL) is initiated by the company’s directors when the company is insolvent but still trading. Directors call a shareholder meeting to pass a resolution for voluntary winding up, then appoint a licensed insolvency practitioner. Compulsory liquidation is a court-ordered process, usually triggered by a creditor (e.g., HMRC) presenting a winding-up petition. In CVL, you retain more control and often achieve a better outcome for creditors and directors, whereas compulsory liquidation involves court hearings and potential investigations.
Can I liquidate my Berdeenshire company if it is solvent?
Yes, a solvent company can be closed via a Members’ Voluntary Liquidation (MVL) or a simple strike-off. MVL is used when the company has assets to distribute and requires a declaration of solvency from directors. It offers tax efficiencies for shareholders, especially if you are extracting retained profits as capital rather than dividends. A strike-off is cheaper but only suitable if the company has no assets, no liabilities, and has not traded in the last three months. We can advise which route fits your situation.
What are the costs of company liquidation in Berdeenshire?
Costs vary depending on the complexity, asset base, and creditor structure. For a CVL, typical fees range from £4,000 to £8,000 plus VAT, but many firms offer a fixed fee. This cost is paid from company assets before any distribution to creditors. If there are no assets, directors may need to fund the liquidation personally. Always request a written quote and confirm what is included: statutory advertising, meetings, asset realisation, and final accounts. We provide transparent pricing with no hidden extras.
Will I be personally liable for company debts after liquidation?
In most cases, no, because a limited company is a separate legal entity. Once liquidation is complete, debts are written off against the company’s assets. However, personal liability can arise if you have signed personal guarantees for loans or leases, or if wrongful trading, fraudulent trading, or misfeasance is proven. Using a licensed insolvency practitioner ensures you follow proper procedures, reducing the risk of director disqualification or personal claims. We review your conduct and advise on any exposure before starting.
How long does a company liquidation take in Berdeenshire?
A Creditors Voluntary Liquidation typically completes in 6 to 12 months, depending on asset realisation and creditor claims. The initial process—appointing a liquidator and holding meetings—takes about 2 to 4 weeks. After that, the liquidator sells assets, investigates transactions, and distributes funds. If the company is simple with no assets, it can be faster. Compulsory liquidation may take longer due to court timelines. We provide a realistic timeline after your initial consultation.
What happens to employees during a company liquidation in Berdeenshire?
Employees are automatically made redundant on the date the liquidation starts. The liquidator notifies the Redundancy Payments Service, which pays statutory redundancy, unpaid wages, holiday pay, and notice pay up to legal caps. Employees may also claim for pension contributions. As a director, you must provide employee records and cooperate with the liquidator to ensure claims are processed. We guide you through this process to minimise distress for your staff and ensure compliance.
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