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 role of a company liquidator in Bicester Oxon?
A company liquidator in Bicester Oxon is a licensed insolvency practitioner who manages the formal closure of an insolvent company. Their role includes realising company assets, distributing proceeds to creditors in the correct statutory order, investigating the directors' conduct, and ensuring all legal and administrative requirements are met. They also handle employee redundancies, creditor claims, and final dissolution of the company.
How much does company liquidation cost in Bicester?
The cost of company liquidation in Bicester varies depending on the complexity of the case, the size of the company, and the number of creditors. Typically, a Creditors Voluntary Liquidation (CVL) can cost between £3,000 and £7,000 plus VAT, but many firms offer fixed-fee packages. The liquidator's fees are paid from the company's assets, but if no assets exist, directors may need to fund the process personally. We provide transparent quotes upfront.
Can I continue trading if my company is insolvent?
No, once you know your company is insolvent, continuing to trade can expose you to personal liability for wrongful trading under the Insolvency Act 1986. You must either take immediate steps to rescue the company through administration or a Company Voluntary Arrangement (CVA), or cease trading and place the company into liquidation. Our Bicester liquidators can advise you on the safest legal path.
What is the difference between CVL and MVL?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where debts cannot be paid, while a Members Voluntary Liquidation (MVL) is for solvent companies that wish to close voluntarily, often for tax efficiency. In an MVL, directors sign a declaration of solvency, and creditors are paid in full. In a CVL, creditors are paid from available assets, often receiving only a partial repayment.
Will I be personally liable for company debts after liquidation?
In most cases, directors of a limited company are not personally liable for company debts, as the company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, traded wrongfully, or misused company funds. Our Bicester insolvency experts will review your situation to identify any potential risks and help you mitigate them before liquidation.
How long does a company liquidation take in Bicester Oxon?
The length of a liquidation depends on the complexity of the case. A straightforward Creditors Voluntary Liquidation (CVL) typically takes 6 to 12 months to complete, including the realisation of assets and final distribution to creditors. However, if there are complex asset sales, legal disputes, or investigations, it can take longer. We aim to complete all cases as efficiently as possible.
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